Yes, from what I have read though you may need to practice on a bit. They demo stencilling as part of it on the their TV advert. Once using vinyl and the other time they don't specify but they are decorating a patio using a stencil and remark how they used it to cut a stencil to decorate.
Here's more specific information.
http://www.cricut.com/shopping/Produ...1&ID=1&S=5&T=T