No sir. That was its original purpose, yes. But now you're able to install video add ons like 1Channel, Mashup, etc. which allows you open access to any movie or tv show ever, streaming at your fingertips for free. Its like a hot-box netflix but without netflix's limited library.
As far as live tv, Mashup offers live streams you can access for nearly every channel. But I usually just wait for like an hour after a show airs and then stream the hd version. But yes, you can stream live sports, all nil games, ufc, boxing matches, etc.
HD? Or Stream quality?