Contributed by Nathan Vegdahl.
Yes. However, in Blender the bones system is called a "skeletal system", and it has an option for inverse kinematics (IKA).
To find out more about Blenders skeletal and IKA systems, search the BlenderBase for "IKA bones skeletal", or follow this link to do the search automatically:
https://helium.homeip.net/support/search.php?key=IKA+bones+skeletal&show=both
UPDATE: Blender 2.14 is going to have a completely rewritten bones/skinning/inverse kinematics system. Read more here: https://www.blender.nl/showitem.php?id=187
Contributed by B@rt.
For a good start with IKAs (Inverse KinemAtics), please read the following tutorials:
https://www.blender.nl/showitem.php?id=139
and
https://rocket3d.com/rom.php3?workshop=blender=ika