Of course! The crazy thing is that you could do it while the computer was running and it was mostly fine: DOS and many DOS games would just happily keep working, just at slighly different speeds. But then it wasn't uncommon for the PC to just freeze and then it needed a reboot.
But the best feature, to me, was those PC with a turbo button that also had a seven-segment display showing the current speed. This was looking really cool.