It depends on what you mean by "follow" and what you mean by "contemporary American values." I find what works for me is to just keep Buddha's values in mind, so they guide me to make better choices.
Remember Buddha was prescribing for another place and time when life was much simpler. That said, it is not hard to try to live mindfully and to treat others and yourself with respect. If you wish, you can become a vegetarian to avoid killing any living thing. You can refuse to participate in war and be an advocate for peace. You can learn to subdue your negative emotions.
Walking the 8-fold path does not mean you have to walk around with a beggar's bowl and meditate for four hours a day. It might mean giving up the "lust" for the bigger house, bigger car, the newest and best electronics.
In short, try to keep your life simple and your behavior good.