Yes, you can upload multiple photos. Each product supports up to 5 major photos, and you can also add images to the variations, such as sizes or colors.
So if you have products with multiple variations, you can add images to each of those variations and you can even allow those variations to be picked by images on your product page.
This means you can display multiple thumbnails of the variations of the product, such as a piece of clothing in multiple colors and your customers can pick the appropriate color by clicking on the thumbnail. You can then immediately show a larger version of that image. Of course you can combine multiple attributes such as colors and sizes.
Check out an example here: www.santu.com/fresh/aah624. That's a great function, if you sell clothing, for example.