Yes, except you have to use CNAMEs (you're meant to point at your distribution's hostname, not its IP address) so you're out of luck if your site is foo.com rather than www.foo.com.
The only special case is the root "folder" (i.e. the empty key), which CloudFront does now explicitly support: http://aws.amazon.com/about-aws/whats-new/2010/08/05/cloudfr....