Absolutely, that's another great way to do it. Before my SLR days I made a reflector that angled up towards the ceiling out of tinfoil and cardboard and crudely attached it to my point and shoot camera. I then switched it to manual settings to open up the aperture and extend the shutter speed to make maximum use of my light. Using a tripod in this situation is also highly recommended. But by bouncing lighting off a white ceiling makes for a nice soft even distribution of light on your subject. Remember if you're ceiling is covered or if you have tungsten or fluorescent lights like FOX mentioned, switch to the appropriate white balance setting to avoid orange, green or blue color casts.
__________________
|