Yes, but there are some hurdles you'll run into over time. You can still place calls, send and receive texts, and use the apps you have installed on your Windows phone. However, there are no future updates planned for the phone and Windows no longer supports these devices.
The Windows Phone Store officially shuts down today (via Neowin). Following the shutdown, you will no longer be able to download apps from the store. Windows Phone 8.1 has been out of official support for well over a year, but the shut down of the Windows Phone Store kills the operating system off even more.
Windows Phone 7 Jumpstart Training
Training (Video and PDF) includes:
The .NET REST client RestSharp supports Windows Phone 7. It really simplifies using web services and deserializing the response.
Windows Phone Dev Podcast!!! Don't forget that one! They let you know the latest about the Windows Phone AND they talk to developers (like the guy who made Evernote) about how they made their apps.
I would also add: 30+ Excellent Windows Phone Development Tutorials
Here is some information about framework that I had recently published: http://columbus.codeplex.com/
Columbus is MVC framework designed specifically for the Windows Phone 7 platform and supports:
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