Yes. If each person has their own XBox Live account, you have full access to bring up to four people into ranked matchmaking and each person can use a voice headset. If you just have one account, you can bring your guests into the the training matchmaking playlists.
Most Microsoft published games will let you bring at least two people into Live in this way. Some of the Ubisoft ones will as well (Ghost Recon 2 in particular).