Yes, basically move the camera in the x dimension between rendering the left and right image. You might want to create a stereo camera by parenting two cameras to a null object. It is best to keep the cameras parallel. The distance between cameras is determined by the geometry of your scene and the focal length of your cameras, however a simple rule of thumb is to separate the cameras by one unit for every 30 units of distance between the nearest object and the camera.
Switch between cameras by selecting the desired camera and pressing Ctrl-Num0.
After you have your two images, or two movie files, you can use these free programs to convert them into every possible stereoscopic format:
Please share your real 3D work!