Yes. Go to Insert>Text Media. A titling dialog will open up. Insert your text, and you'll be good to go. While Vegas doesn't have quite as fancy a titler as Premiere Pro does, you can in many ways, do more with it, because titles are treated identically to video. Fades, masks, etc are all very fast and easy.
Yea, Vegas has a very capable titler with keyframe automation, tracking, scaling, leading, kerning, position, shadow, outline, deformation and variable transparency. It also has a built-in credit roll. As DSE said, it may not be as fancy as what Adobe has but it is still very powerful tool (especially when mixed with generated media as a fill).
There are also third party titlers from Cayman, proDAD, Boris, etc. that plug in.
There has been a LOT said about the titler in Vegas in this forum, both from a complaints angle and from the perspective of getting the best out of it.
To get the best results, do a search on the subject.