Sort of. "Il fait chaud" refers to the temperature around you, like "it's hot out" or "it's hot in here." You can use "est chaud," but it refers to the temperature of a thing, like "Le thé est chaud" (the tea is hot).
And you want to be careful using it with people, for a similar reason to English--"He is hot" doesn't necessarily mean temperature. It could simply mean that he has a fever, but I believe it can also mean "He is horny."