Yes.
See these Help articles
How should I prepare a CAD file for import into SketchUp?
http://help.sketchup.com/en/article/38578
Importing 3D DWG or DXF files
http://help.sketchup.com/en/article/114366
Reducing DWG or DXF import file size
http://help.sketchup.com/en/article/114368
Can I create terrain from imported contour lines?
http://help.sketchup.com/en/article/38587
Sandbox From Contours Tool: Creating a sandbox from contour lines
http://help.sketchup.com/en/article/95051
How can I improve performance when using the Sandbox tools to work with terrain?
http://help.sketchup.com/en/article/43283