It can but it depends on what you want to do with it. A blog is really just website software; what makes it a "blog" is the idea that you update it daily with personal content. But there's no reason you can't use it differently and like other sites.
WP.com allows you to create pages as well as posts and they're static pages, so most of your fixed content can go there; it'd be a direct swap. Your news content would then go on the blog page, with the latest news stories appearing as your posts. If you chose a theme with a website-like design as well (like MistyLook), then effectively you'd have built a website. And it should function much the way you want it to.
So basically it depends what you want to use WP.com for. If you just want to concentrate on content and know that you're secure and backed up, WP.com is good for that. If you want to have more access to your blog/site and make it marketable, you're better off looking somewhere else. There's also a difference between WP.com and WordPress; WP.com is a hosting company, WordPress is software that can be downloaded from http://wordpress.org/ . If you like the idea of WP.com but would like more freedom, the software might be a good option. Hope that helps.