Well opening the aperture will have this effect, yes.
If you are shooting with no tripod, then opening the aperture and upping the ISO can give you the required shutter speed to get the shot you require.
For example, if the metering reckons you need 1 second at F8, ISO200, then if you double the ISO 3 times (through 400, 800 to 1600) you will require three times less shutter speed to capture the same amount of light. Therefore your shutter speed will go from 1 second to 3 stops faster (through 1/2 second, 1/4 second to 1/8th sec).
Then if you stop down from F8 to F5.6, to F4, to F2.8 you will gain another three stops of shutter speed. You shutter speed can then climb from 1/8th, through 1/15th, 1/30th to 1/60th second.
Now if everything in the shot is reasonably far from the lens and there is no foreground interest you got a keeper handheld at 1/60th, f2.8, ISO1600 which would not be possible at 1 second, f8, ISO200. However if you've got foreground interest you will have a shallow depth of field which may not give you the effect you're after.
This is where a tripod comes in.
Here's a hand held example:
This was at 1/80th second at f1.4. To get near the reciprocal of the focal length (85mm lens = 1/80th second shutter speed to try to get a sharp shot) I had to bump the ISO up to 2800. As everything is near infinity the aperture isn't a concern. In fact, because I didn't use a tripod the shutter speed had to be relatively fast, which give nice ripples on the water's surface rather than the blurry effect you'd get with a long shutter.