yes.
Scoobys workshop site is devoted to home bodybuilding and most of the exercise is with dumbbells.
lots of free workout videos and information on diet and cardio too.
best home bodybuilding site there is.
The problem with dumbbells is that you will grow out them relatively fast, not to say it can't be done because it can. It just might take more time. I suggest getting adjustable dumbbells as it may save you money in the long run plus they're great space savers.