Yep.
For example, say General Motors is about to launch a new car called the Pudding (smarter than some of their recent moves).
If you go out and buy Pudding.biz for the purpose of selling non-GM built add-ons for the car then GM can sue you for damages and also file a UDRP to take away the Pudding.biz name.
Now here is where it gets a bit tricky. If you owned the name before you could reasonably know about the car and you do not use it to compete with GM or confuse their customers then you should be OK. In this example, since pudding is a dictionary word, then you could use the domain for a site about food and be OK, regardless of when you bought it. And you probably could sell non-GM built add-ons (clearly marked as such) on a website that does not use GM trademarks in the name.
Generally, it is a lot less trouble to avoid trademarked names.