The short answer is yes.
PM allows you to resize the partition currently holding the OS, and then you can create new formatted partitions in the unallocated space that is created by this. That's the easiest way, but there are numerous other things that can be done using PM.
I particularly support the idea to dedicate a partition for downloads. These days, the more quarantined you make new arrivals to your machine, the less chance we have of angry viruses invading the OS.