If you can adjust the exposure on it somehow then yes.
I managed this passable attempt at HDR using a Sony Erricon k800 mobile phone using the exposure correction settings.
only
problem really with that is the camera has moved.
set your camera up on a tripod and when you take the picture use the timer so you dont move/shake the camera.
you can take great photo's with entry level compacts these days.
i got my canon dslr a few years ago now and its perfect for when taking car photo's etc but i own a compact for family holidays etc. its pointless carrying the big one round!
get on a photography website and read up on things like apature, exposer and shutter speeds etc its alot easyer when you know the basics