sry for the noob question. Does it just deform the object you parent it with?
noob questions are best answered with the manual. it is on the internet and a shortcut is in the blender help menu.
if you search the manuals table of contents for lattice you will get two results.
modeling with:
http://www.blender.org/modules/documentation/htmlI/x10279.html
animating with:
http://www.blender.org/modules/documentation/htmlI/x7014.html
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Basically, yes. 
Sonix.