Yup, seems that it does work like that. Here's something I threw together quickly.
You'll want to checkout the help for DateTime and TimeSpan
Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click
Dim format As String = "ddd d/MMM yyy HH:mm"
Dim curTime As DateTime = DateTime.Now
Dim birthDate As New System.DateTime(1900, 8, 8)
Dim elapsed As TimeSpan
TextBox1.Text = curTime.ToString(format)
TextBox2.Text = birthDate.ToString(format)
elapsed = curTime - birthDate
TextBox3.Text = Int(elapsed.Days / 365.25)
Wed 1/Aug 2012 15:53
Wed 8/Aug 1900 00:00