Yes, it does.
Unless the train or the bullet or both are moving at close to the speed of light, the speed of the bullet, as measured by someone standing on the ground, will be the sum of the speed of the train (as measured from the ground) and the speed of the bullet (as measured from the train).
This is why rockets are launched from points as close as possible to the equator. The earth rotates faster at the equator than it does near the poles, and the speed of rotation gives an extra boost to the rocket.
Also check this out:
http://www.videosift.com/video/A-Ball-Thrown-Back-100-kmh-From-A-Truck-Moving-100-kmh
A baseball pitching machine is calibrated to pitch a ball at exactly 100 kph. Then it is loaded on the back of a truck, which is driven around a racetrack at exactly 100 kph. When the ball is pitched from the back of the truck, the ball falls straight down.