The answer would be yes. 
CRM is really a tool, like an Office product. However, it features a wonderful interface that allows for customization and extensibility without having to perform any development work. In simplistic terms, CMR is sort of like Access. There is standard functionality built-in that will satisfy most users' business needs, but you can also enhance that functionality (like adding new entities and workflows).
I would recommend grabbing the CRM bible, Working with Dynamics CRM.