Yes, but with that being said, find one with a good parabolic bend to it. All manufacturers have different bends, some have too much backbone in the middle of the rod, some are just spaghetti. The rod I use I found kind of by accident. I can't spend a boatload of cash on gear at this point in time so I use certain rods and reels for multi purposes. A few years ago I was at BPS and they had a sale on their extreme reels for 49 bucks. Ya, the green color is kinda loud but they really are pretty good reels. Well, at a later date, they had a sale with a combo that included a "special edition" rod and the older version of the extreme reel (HT10HA). I bought it just for the reel as I found the extremes to work very well. I have 5 and after hundreds of LMB's caught, they have never failed me, and I can cast a country mile with no birdnests using any bait and line combination. They had 2 left, a medium, and an MH, I bought the medium. It's a really cheap rod but it turned out to work perfect for the crankbait techniques that I employ. And here's the kicker, I lost that rod a year ago January at DVL and found it this past January. It was covered with moss and algae. I took it home and cleaned it up, it has some minor cosmetic damage but still worked fine. I took the reel completely apart, everything inside looked as if it was still brand new. I re-oiled and greased it and it works absolutely perfect. Not bad for a 59$$ investment huh?
I just bought a Dobyn's rod from Last Chance a few months back and now I am going to replace all 9 of my rods one by one with them. To me, they are that good. Not sure I'll replace that cheap BPS rod though as it really works good for me, but as dockboy said, if you use the larger cranks, you might want something with a little more bone to it as the one I use does load up with the bigger cranks. Just make sure it still possesses a good parabolic bend to it. There are many crankbait specific glass rods out there as well. Don't buy one that's stiff, you don't want to yank the trebles out of the fish's mouth.
As for the crankbaits themselves, I just match the hatch. Shad, bluegill, and crawdad colors. Floating, suspending, silent, or rattle, you just have to let the fish tell you what they want. There are so many out there that work I couldn't begin to list them all but I will say this, at BPS, there is a discount bin with cheap cranks you can buy for about 2 bucks apiece, I'll buy several then take them home and paint them using various colors of finger nail paint, again, I match the hatch of the body of water I'm fishing. I also change out the cheap trebles and replace with owners. Some I add feathered trailer hooks to, others I don't. I painted one up to look like a goldfish and added orange feathered trailer hooks, it works killer when the fish are active, aggressive, and on the banks. I also use Strike kings, Normans, Rapala's, Luck-E-Strike, Lucky Craft, Bandits, etc. etc. Far too many to list but most do work. I stick with natural colors in clear water and go to chartreuse in stained water, and in dark or heavily stained water, I'll use black or red.
Here is a good read from TackleWarehouse regarding crankbaits and gear;
http://www.tacklewarehouse.com/guides/crankbaits.html
Hope this helps ya! Good luck...