No.
RAW can be viewed as a proprietary format; each camera manufacturer's RAW files are different, and makers provide the software to download and modify RAW data for each camera model.
Essentially RAW disables a bunch of in-camera software settings, including automated ones, allowing the user to determine these at a later date (eg, while balance).
Once you are satisfied with the RAW format image, it is saved as JPEG or TIFF and can then be imported into iPhoto or any other photo application. You are supposed to either keep the RAW files for modification later, or use the JPEG/TIFF files once you are satisfied with the settings.
Graphic Converter can deal with some RAW images, but it doesn't work very well yet.
Bibble Labs makes software that can work with a number of Professional level cameras, but not many "Prosumer" models. You may find the site useful for information about RAW files, though, if your camera isn't supported.
Bibble Labs RAW
Bibble Labs: Forums