Absolutely. BUT, if you have an account on a machine (even a user account) then you can get access to Terminal, and once you have that it's all over; if you know what you're doing.
If someone has NO account on a machine then they cannot run the apps on it.
In other words, local account security is basically non-existent on OS X. Well, that's useful information for anyone who might be thinking about deploying Macs, I guess.