No, that would be the wrong Application.xml file to modify. You will need to add the module to the Application.xml file of a specified application.
Each application has its own Application.xml file. When creating a new application, you create 2 directories with the name of the application, one goes in the [install-dir]/applications directory, and the other goes in the [install-dir] /conf directory.
the structure would look like this:
Please see our Quick Start guide for detailed instructions for creating new applications in Wowza.
I hope this helps.