It sure is possiable, Paint calls them Objects.
Make sure window/dockers/objects is checked and you should see the object docker on the rhs of your screen.
The buttons at the bottom of the docker allow you to add new, delete, create from mask etc. You also have a opacity slide at the top along with merge mode.
When you open an image in Paint it is automaticly put in a background layer, if you want to edit this layer you will need to right click on the thumbnail image in the docker window and select create from background.
Hope that gives something to fiddle with.