the short answer, in a pinch, it MIGHT.
my personal experience was that it would not. i cannot say for sure if it was because of other issues i didnt know about at the time. the longer answer is:
it depends on a few things: wether either one is cali emissions or not. the specific years do have differences between sensors. automatic trans versus manual trans.
the best thing to do is look for a part number that looks like F37F-_ _ on the PCM you want to replace and look for that identical PN.
the major difference i found between rangers and explorers during those years were the use of MAP and BAP sensors on the explorers that were not used on the rangers. that WILL throw a code, and WILL cause fuel emissions to be poor. automatic trans models have to signals from the PCM and which if being installed on a manual will throw codes as well; the PCM fuel trims are different, taking into accound manual versus an auto being bolted to the motor...also the cali emissions, those trucks have EGR systems whereas the federals do not.
but in a pinch, it does stand a good chance running the engine, its just not ideal.