Yes. You can use many Excel features, such as cut, paste, automatic fill, format, sort (flat list only), filter, and add formulas. You can cut and paste rows to resequence items within a list and change link relationships among work items.
To drag a work item, select the work item or contiguous set of work items that you want to move. Open the context menu and choose Select, Table Row, point to the border of the selection, and—when the pointer becomes a move pointer —drag the row to another location.
Tip
When you refresh the work item list, not all formats might be retained. For example, date formats get set by the server data store. Changes you make to a date format field are overwritten with the date format used by the server.