Yes, it’s easy to right click and bring up the contextual menu on a MacBook without a mouse. Hold down the Control key and click with the clicker.
Or, if you have the Trackpad Preferences set for clicking, you can tap the trackpad to make a click. With 10.6 Snow Leopard, you can even tap the trackpad with two fingers and bring up the same menu you get with a right click on your iMac.
For the full capabilities of clicking and dragging with the trackpad, look in System Preferences > Trackpad. You’ll see settings for clicking, dragging and tapping the trackpad with two fingers, and more, depending on your version of OS X.