If you're talking about cliff-walls, then no. There really aren't many in-game terrain functions. The most you can do is raise/lower terrain, which is just like using the 'hill' tool. Even this is limited though, the terrain will revert back to its original shape if you save the game and load it.
Now, technically you COULD do Avators suggestion (with cliff walls), but it would be extremely difficult, and wouldn't work well anyway. This is because each different 'tile' you raise has a different model, with a variable texture depending on your tileset... for example, there are flat, corner, T shape, other corner, inverse corner, diagonal, tall diagonal, lots of 'step' variations, and about 5 ramp connector models (and then some) (in other words you'd need like, 30 or so different cliff 'units' to do this!).
The only way to make walls work is have a 'cube' building that's just big enough to intersect with its neighbors (Btw, you won't be able to walk on top of the cube-cliffs).