Yes indeed. The feature you are referring to is activated with the Apple Command Key + Tab. Holding the former down, clicking tab again will cycle through your open applications from left to right, while if you're coordinated and also press down the shift key, you can cycle the opposite direction (arrow keys and mouse also do this effectively) Stop on the application you're interested in, and while still holding the Command key you can type "Q" or "H" to quit or hide that application, respectively. Release, and it fades away. Quite the handy tool if I do say so myself. Do enjoy it.