*kind of*
It's more of a firewall with some routing capabilities. (it can also do traffic shaping, VPN termination, etc..
)
It has 3 interfaces.. 1 WAN (Internet) which goes to a Cisco ADSL modem, 1 LAN (my local network - PC, Laptop), and 1 DMZ (My public servers for web server, mail server etc.).
Public servers obviously have public IP addresses.. (each one has it's own IP) and then my LAN has a single public IP which just uses normal NAT like a normal router.
The firewall firewalls all incoming and outgoing connections.. to and from all interfaces