Yes, but typically password hashes are constructed to be 1000x slower or more. A common construction is to iterate the hash, e.g., to store MD5(MD5(MD5(...(MD5(salt || password)...))) -- this allows you to trade password verification performance against password cracking time however you like, just by varying the number of times you iterate the hash.
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Is that all there is to it?
Yes, but typically password hashes are constructed to be 1000x slower or more. A common construction is to iterate the hash, e.g., to store MD5(MD5(MD5(...(MD5(salt || password)...))) -- this allows you to trade password verification performance against password cracking time however you like, just by varying the number of times you iterate the hash.