Could you elaborate on what you mean? Do you want to create a topographic map/elevation profile using the elevation gathered by the GPS receiver on your phone? Or, do you just want to view the elevation profile of a trip/hike?
If you want to do the latter, the answer is yes. You can record the GPS coordinates of a hike, either continually, or at set intervals with various apps. There are ways to correlate that data with ground elevation on topographic map servers and thereby get an elevation profile.
If you want to do the former, the answer is no. The GPS receivers on consumer devices, especially those on phones, don't provide the most accurate elevation information. We're talking about +/- 10-20 m in good conditions; you can hit 100+ m in poor conditions.
There are devices which can provide more accurate elevation, but I don't know of any phones which do. Do you have a Motorola Droid or, do you have another model and just mean you recently got an Android phone? You could try googling the model name of your phone and " waas" - there's an OK chance someone has asked it on a phone, GPS, or geocaching forum.