Yes, in all situations you are allowed -in fact encouraged!- to have the property inspected. You will likely have the option ot back out of the offer if the results of the inspection are not what you wanted. You will usually have a set number off days to do this, however, so "time is of the essence." When you are purchasing a property "as is," it basically means that after you close on the property, you will not be able to sue the seller if in fact you find defects that were not disclosed prior to purchase. Sometimes it will say "as is" to indicate that the Seller will be unwilling to re-negotiate a contract after the inspection discovers defects. I have found that in this market, however, many Sellers (including banks in some cases) are in fact willing to re-negotiate after inspections, rather than lose the deal. It just depends.
Make sure you are using a licensed home inspector that is familiar with the type and location of the property you are buying. Your Buyer's Agent is a good resource for recommendations.
Good luck! Sara C. Maddock, firstname.lastname@example.org, 734-649-1180