Quote Originally Posted by RyuRoots View Post
Snip
Sleipnir is depicted as a horse with each leg doubled. Sleipnir is one of Odin's favorite mounts, and can jump vast distances, and even occasionally fly.
Source: Here

Sleipnir:
It is Odin's gray eight legged horse. The horse is a magical horse, and the best of all horses. Sleipnir is the symbol of the wind, and has the marks of hell. Sleipnir can just as easily gallop through the air as on land. Sleipnir was a gift from Loki. Sleipnir is the child of Loki and Svadilfari.
Source: Here

According to the mythology where it was taken. It can. And no, Sleipnir is not being taken out of context in Final Fantasy, it's still Odin's steed. So, there.