No. Front Row is a full screen application used to navigate and play movies, music, photos, DVDs, and streaming movie trailers. It does not have any DVR features...
...However, the Elgato EyeTV series of TV tuners now include drivers that add DVR fuctionality that can be intergrated into Front Row. So, yes, it is now possible to have DVR features in Front Row, but only with the use of an EyeTV, which is not an Apple product.
For those not familar with Front Row, it's a "free" Mac application made by Apple. New Macs come with Front Row preinstalled as well as a little remote control, the same remote that the iPod docking station uses.
Also, there has been talk of "iTV" which is simply Apple's codename for their little video streaming box to pipe video from your Mac to your TV. iTV is not a DVR and should not be confused with Elgato's EyeTV tuner/capture boxes.