Absolutely! I've read to my children from a very early age as not only is it a fun activity, it's a great way to improve their language skills and strengthen their vocabulary. I was read stories when I was a child and fond memories of this, and it's something I now really enjoy as a parent. There are so many fun kids books out there, and I think it's a great treat for their imaginations.
My mum always used to read to me. We would go through the book together and she would do all the voices. I don't have kids, but if I did, I would read to them, and show them the book, and words while reading. I'd probably get them to 'help' me sound some words out the second time they appeared.