You bet!
I take it this is the first CMS (Content Management System) you've set up and/or the first PHP-driven site you've done. They're all pretty much the same with regard to the order of the installation steps: create db & user, upload archive, extract files, open install script from browser, run through the guide (or "wizard," in MS-speak).
I've been setting these things up on my own box (besides IT consulting, I do mail, web, & FTP hosting) for several years. Much of this has become more and more automated. I do recall when we had to manually execute the SQL to create the tables, and before that, when there were just a handful of tables (other apps, not necessarily WP, which I started fiddling with in the 2.7-2.8 release cycle), we used to have to manually create tables. These days, however, there are just so many checks which need to be done in terms of PHP configuration, the sheer number of db tables, and so forth, that it doesn't make sense not to automate as much as possible, if only to cut down on support effort.
Let me know if you get stuck again. ;-)