Yes, Asterisk and else can be programmed to fulfill random application based telephony tasks like IVR, call generation, call transfer, transcoding, media relay. Most Voice and Video Applications one may think of are supported.
G.711, GSM, G.729 as well as many other codecs like H.264 Video come with the softswitch at no extra license fee.
Applications that are known to run on actual Installations comprehend among many more:
- Centrex PBX switching platform
- SS7 interconnect with other telcos
- ENUM VoIP routing