Yes, depending on what you mean.
In Google Web Designer you can:
- Create a new banner ad, publish to a zip, and upload that zip to Adwords to create and traffic a new ad.
- Create a new ad, save to "My Templates" and share that file with another Web Designer user so you are both creating ads from the same template.
- Dynamic ads are a little different--you create and upload a template which becomes populated with dynamic data from your feed.
Hope that helps,
Google Web Designer team