No, the windows firewall is lacking damn near everything. It only protect outbound packets, which is usually only good for blocking yourself from stuff though it also blocks people from taking stuff off your hard drive as well, it doesnt protect them from putting stuff on it. Also it tends to block you from things you want to do and it cant easily be customized like norton. If you are on a broadband connection, you need some type of software or hardware firewall other than that provided with windows. As a matter of fact, I'd turn the Windows firewall of to avoid later problems if you have another firewall. (Control Pannel -> Network Connections, right click Local Area Network, select Advanced Tab)
Oh it does also protect Outlook, but whoop-dee-doo on that.