The obvious answer is yes.

In a recent study of monolingual French infants aged 20 months, researchers introduced them to new words in a foreign language in an attempt to find out if and how easily they would assimilate them.

They came to the conclusion that the results obtained in the study show that 20-months-old infants can easily and quickly learn words in a new language and this even with a limited exposure to that language, proving that a flexibility on the phonological level still exists after the one-year threshold established in previous studies.

The full study can be consulted here (pdf, English). A summary in French can be found here.