Yep thats what you can do with it, ive personally not used it so couldent comment on how useful it is.

Ive seen a few tutorials on the net for it and theres a tutorial in the Maya 6 the complete reference also i'm pretty sure the help files will have a tutorial on it too.

If your googling tutorials it might be best off to google "non linear animation in maya"as thats the term for wha the trax editor does