Hello,
You can indeed. Just drag and drop each image into the timeline as you would with video clips and viola... you are ready to add fades or any other effects you want such as titles and text.
Once you're finished mixing it down, you export it in the video file format that you typically use. Keep in mind the resulting files will be larger than a Power Point file for example.

Albeit, since I've done significant work with Power Point, I will add the following: The advantage of working with Movie Edit to create slide shows is the fact that when you're working with an accompanying sound track you can edit any timing sequences much faster. To be more specific, in Power Point when trying to time the sound with the appearance of images or text you can't review the show with the music playing midway. In which case, when trying to sequence something near the end you have to start the show at the very beginning each time. This becomes very time consuming. As such, this is where Movie Edit becomes quite advantageous for slide shows.