To a limited extent, yes. If you wanted to change the color of something, though, you'd have to have multiple pictures of the same clothing, each with its own color, and switch between them. That's pretty easy to do, but if you have a LOT of options, that's a lot of pictures, which means a long loading time for the users...
There might be easier ways to do it once shaders are implemented, but I don't know much about that. <img src="smileys/smiley5.gif" border="0" align="middle" />
Welcome to Construct 2 by the way, glad to have you!