Yep, it can. You might need to install a component if you haven't got it - 'freedb masstagger'. It's included in the 'special' version of the installer, not lite or standard versions. You can also download it from http://pelit.koillismaa.fi/plugins/tagging.php. Just unzip it and put the .dll in your C:...\foobar2000\components directory.
You can then right click on a selected track or tracks and choose get tags, search etc. You can set it up so it will automatically get the tags when foobar plays a CD.