Sort-of. However, there is a three day time limit. If you let the three days run down, you will have to restart at the very beggining of the town you first arrived at; losing all your items such as rupees and bombs(except for items such as hookshot, bottles, masks, etc.)
You can avoid this by playing the song of time; resetting the countdown, although again you will lose all perishable items. Save at an Owl, which can be found almost everywhere, and bank your rupees before doing so.