YES. This is very easy to do.
DESIGN > SITE DESIGN > LEFT & RIGHT NAVIGATION.... Now, in the NEW MODULES box, check the LINKS option-box, then click the left or right arrow to ADD this module to your left or right column(s) respectively.
Once it has been added, you need to EDIT the LINKS box by clicking on the edit icon in the LINKS BAR.
Now you can add internal or external links and they will appear on your website.