Sure and you can actually give up to 4 reps as a normal user, 12 reps as a moderator and 9999 reps as an administrator.
Your rep power will grow by each 200 rep. SO for example,
1-199 rep = you can give 1 rep only
200-399 rep = you can give 2 rep only
400-599 rep = you can give 3 rep only
600+ = you can give 4 rep and a maximum for normal users.
Moderators can pick from -12 to +12 rep and Admin as far as I know -9999 to +9999. Users with negative rep cannot give rep, it'll always appear as 0 rep when they give to users.