In short - no you can't test it out of the car.
Have a read of http://mkiv.supras.org.nz/articles/engine_2_21.htm .
O2 sensors rely on being heated by exhaust gas to work properly. Ours have an inbuilt heater when there isn't enough exhaust flow to keep them up to temperature.
Mine is located well after the dumps and *seems* to work, ie I get a varying voltage with the engine running off idle. That said it hasn't yet been in the car - so I don't know if it will be ok.