Welcome to GotMead William!
I'm sure you can make mead with it, but the question I have is what does it smell like now? Often wild yeast, and the osmophilic yeast that can survive in honey, can produce some bad odors (like rotten eggs for example). If it smells really bad, I'm not sure that you'll get anything good from it by trying to ferment it, but on the other hand, you don't have much to lose by trying.
Can you tell us what type of honey it is? And how did it come to be fermenting? Does it have a high moisture content?
To make a mead, you may want to read the NewBee guide (see link in the column to the left of the posts). The simplest recipe for a new mead maker is
Joe's Ancient Orange. If there is any funky flavor from the wild yeast, the orange and spice may cover it up. With your honey, you might want to modify the recipe by pasteurizing the must to kill the wild yeast. If you mix the honey and water and heat it up to about 160F for 5 minutes, they'll be killed, and then when it cools back down to room temperature you can add the fruit/spices and pitch the bread yeast. If it is stinky, the heating may help remove some of the smelly odor.
If the honey that is fermenting still smells good, you can try the recipe without pasteurizing. You may not be certain that the bread yeast will be dominant, but it will likely work.
I hope that helps.
Medsen