Yes. When you are on the screen showing whatever it is you are listeining to, press the center button once. If the screen is showing the clock, press the center button twice. Run your finger allong the wheel counter clockwise and you can go back to whatever point in the timeline that you want to go to. You will see it will go back quite quickly or moving your finger slowly, you can go back just a few seconds. This is more useful however for rewinding or fast forwarding quickly past large sections.
You can also hold your finger on the |<< button to go back. This is better for going back a few seconds at a time.