Not exactly, but you can restrict what apps can be used and a few other things.
Look under Settings >> General >> Restrictions: Under the Allow Content header you will find Apps. You can disable apps individually here. When you enable restrictions you'll have to enter a 4 digit code. Do not forget it. Or you'll play merry heck turning the restrictions off later.
This is designed as a 'hand it to your kid' type of protection. It is not convenient if you intend the iPad to be passed around randomly between adults and kids. Each adult would have to disable restrictions and then remember to re-enable it later.
But that is as close as you are going to get to what you want, for now at least.
I haven't used this feature myself, so I can't predict exactly how it will work. Experiment, but Do Not Forget the 4 Digit code.