The short answer is yes. Buy a big carton of yogurt for $3 instead of a single serving at the dairy bar for the same amount. Churn it in your ice cream maker (or stash it in the freezer, stirring thoroughly every 30 minutes) until you reach the consistency you like. Get creative. I bought nonfat lemon yogurt and tossed in some macerated blueberries. I happen to really love the taste of plain yogurt with honey swirled in.
Like most homemade ice creams, however, this concoction gets hard after a few days. Microwave to the rescue, though; just pop it in for 20-30 seconds, stir, and spoon.