sure. that sounds like a basic list in sharepoint.
i guess it depends on what you do with the data that's created from the in/out selection. if you need to know the time that they changed the value, you'd need to do something custom in the background, such as copy the modified time to a different list. it depends on whether you need a simple in/out type status, or whether you need to track changes to the list.
if it's just a simple matter of the employee selecting in / out ... that's a list you can create with no special customizations.
