GDALWARP Question

Hi GDAL Users,

I am planning to use the gdalwarp utility to
geo-reference a number of images in batch.

I would like to know before hand if it can be
utilized to warp (rectify) unprojected images.
That is, can it input raw images with GCPs
and output geo-referenced rectified (warped)
Geotiff images, given that it is also provided
proj, zone, ellps, etc?

Or it can only be used to reproject and warp
images that have already been rectified and are 
geometrically correct in a particular projection?

Thanks,

Reinaldo