Short answer, yes. Ars Technica has a good article, here, about how you can be individually tracked across the Internet by way of your browser; even if you turn off cookies.
It turns out that the most privacy conscious people are the easiest to track, because of the methods they use to try and be anonymous. Its hard to get lost in the crowd if you are the only one wearing hot pink.
Because of the way the browser talks to websites, even without cookies, websites (and tracking software) can uniquely identify the computer that your browser is installed on, as well as learning all of your browser plugins and other modifications. If you have Flash installed, Flash will reveal all of the fonts on your computer, too.
If you want to be private on the Internet you have to be so normal, so average, that you put your computers health at risk; OR, you have to cripple your browser to the point at which you can hardly see anything or do anything.