Yes. Very yes. Very, very yes.
I use audible.com. Started with a gold account, and jumped right to platinum. Been using it for more than a year, and I've been incredibly happy. The only complaint is that the site sometimes feels slow. But I'm not on it often. Usually just once a month to get my new books, though I've been buying books as well recently to fill in gaps.
Couple audiobooks with podcasts and you'll do fine. I like stuff from Twit.TV. And then the d6Generation does a good podcast, too.
I find the audiobooks and podcasts are great ways to handle not only the commute, but most mundane activities I need to partake in. Folding laundry, shopping for groceries, cleaning the house. Anything where I don't need to think, I'm usually listening to something.