Yes you can do that in Emacs of course. Default key bindings are "C-x (" to start recording, "C-x )" to stop, and "C-x e" to play the macro — and then you can just press "e" to repeat it again and again.
This is one of the feature that I miss the most when I'm using another editor. So much that I spent some time this summer implementing keyboard macros in Kate, which is also a very nice text editor :). See https://news.ycombinator.com/item?id=32585221