Yes, if you have the coordinates from something like Google Maps or Bing Maps, you can copy them and paste them (Ctrl+V) into the search bar in the world map and it works perfectly.
When doing this, you can treat it just like anything else - you can set your departure at that point, you can set your arrival at that point, and you can set that point as a waypoint in the middle of a flight plan by adding it. I've done that a few times with a landmark I wanted to check out, by making a flight plan from one airport to another and adding the coordinates for the landmark as a waypoint along the way, which will modify the flight plan accordingly.