Indeed, but it will allow you to run games at higher quality settings.
The higher the resolution you run at, more video memory is used.
The higher antialiasing you use, the more video memory is used.
The more frame buffers you have, the more video memory is used.
The higher resolution textures you have, the more video memory is used.
The more textures you have, the more video memory is used.
The more normal maps you have, the more video memory is used (This is the killer in DooM 3's video memory usage).
There are also tons of other things that suck up video memory. And 64MB is not enough to run modern games like HL2 or D3 at higher settings. You'll fill up the memory and get hitches in-game. Yes, you can play it, but it will not be a pleasant experience.