Yes.
If you have an external HDD, connect it directly to your Mac and go to System Preferences > Time Machine and select that HDD and Mac OS X will do the rest.
But if the HDD uses another format than "Mac OS Extended", it has to be formatted, which means all the data has to be copied off the HDD first.
But wait until you recovered all your photos to start Time Machine.
Also have a look at this:
Time Machine FAQ
Thank you, but do you know why my iPhoto will not open, it just gives me the wheel.