Sure.
A two-way speaker distributes sound information to two types of driver: a high frequency tweeter, and a lower frequency midrange/woofer combination. A device inside the speaker, called a crossover, determines which frequencies go to the tweeter and which ones go to the midrange/woofer.
A three-way speaker has a crossover that distributes signals to a tweeter, midrange, and separate woofer.
Some speakers employ more than one driver for a given frequency range. For example, my Paradigm Monitor 7's are two-way speakers and use one tweeter and two midrange/woofer drivers.
You can think of a sub-woofer as a one-way speaker because its crossover allows all the high frequency information (above 150Hz on my sub) to pass through and not be played.
Hope this helps.
