TL;DR: Not quite, but close.
What it does is allow you to stream videos (or browser tabs with the official Google extension) from Google Chrome over your wi-fi network. So in a way, yes, provided you have a computer with Google Chrome or a mobile device with the Chromecast app.
So far, I've had pretty decent experience with streaming video to it. However, for whatever reason, it doesn't work well with online episodes of shows from a specific TV network's website, but that's probably on their end. Everywhere else I've tried works fine though.