physically you cannot transform into anything else. if the meditation was to speak of releasing your animal spirit, or change your astral self into a werewolf, then i'd give it a little more credit. it doesn't sound that way though, so i'm going to say no, the meditation does not work. werewolves from what i have been told are astral beings, not physical ones, so you cannot physically become one.
if the meditation was to help you gain strength of a werewolf, or raise your anger, or something of that matter, it would probably work, but as is, it's a waste of time, so don't bother.