Yes, all content (text or images) can be directly linked to files or other websites. Though, you may want to develop a layout that directs visitors to a Documents (Library) or Links module.
The reason being, everytime someone clicks on links contained within a Documents or Links module, the click is recorded. As administrator, you can then go into that module to check the log for activity. This is helpful in determining what is popular and what is not. You can use this information in many ways for marketing, service or simply information research analysis. Any clicks on links contained in an HTML module are not recorded. You gain no intelligence from that visitor event.
WebWriter CMS is very powerful. You can use the many web tools, modules, and administrative features the way you want.