The short answer is: yes, wallboard can contain asbestos, but it's unlikely. The reason is that regular gypsum drywall panels had a decent fire rating, unlike the seam joints, which would have to be finished with a fire-proofing material, as asbestos (I say had as during the times when they used asbestos, up until the mid 80s) . You're very likely to find asbestos-containing panels around fireplaces and in floor tiles, but it would have been unnecessarily expensive to do entire walls out of asbestos-containing sheets.
Other places you may find asbestos (from the Georgia Environment, Health and Safety Department website):
- STEAM PIPES, BOILERS, and FURNACE DUCTS (insulated with an asbestos blanket or asbestos paper tape)
- RESILIENT FLOOR TILES (vinyl asbestos, asphalt, and rubber), the backing on
- VINYL SHEET FLOORING, and ADHESIVES used for installing floor tile.
- CEMENT SHEET,MILLBOARD, and PAPER (used as insulation around furnaces and woodburning stoves)
- DOOR GASKETS in furnaces, wood stoves, and coal stoves.
- SOUNDPROOFING OR DECORATIVE MATERIAL sprayed on walls and ceilings.
- PATCHING AND JOINT COMPOUNDS for walls and ceilings, and TEXTURED PAINTS
- ASBESTOS CEMENT ROOFING, SHINGLES, and SIDING.