Of course. But your pooch will only recognize the words you have trained him to respond to (such as, "Sit") They also recognize facial expressions and tone of voice. This is all by association. Although many people swear their dog is capable of cognition (exapmle, "Fido go to the other room and sit down")?
Dogs are great listeners, non-judgemental, and love to sit by you for hours. Sometimes we humans just need someone to listen. You will be assured that your dog always loves you and will never share your secrets. But if he starts to talk back to you, then you should be concerned; for yourself not your dog.