Short answer: yes.

Maybe a bit more details... For example Tidypics has a page that lists photos in order of most recent comments. The code (in mod/tidypics/views/default/resources/tidypics/lists/recentlycommented.php) used to get the entities in the corresponding order is

$db_prefix = elgg_get_config('dbprefix');
$options = array(
    'type' => 'object',
    'subtype' => 'image',
    'limit' => $limit,
    'offset' => $offset,
    'joins' => array(
        "JOIN {$db_prefix}entities ce ON ce.container_guid = e.guid",
        "JOIN {$db_prefix}entity_subtypes cs ON ce.subtype = cs.id AND cs.subtype = 'comment'"),
    'order_by' => "ce.time_created DESC",
    'full_view' => false,
    'list_type' => 'gallery',
    'gallery_class' => 'tidypics-gallery'
);

$result = elgg_list_entities($options);

Of course, you would have to modify it a bit for other type of entities and implement it within a view that outputs it. For further reference you could take a look at the code of the Tidypics plugin.