Short Answer
Yes. Theoretically any site can be built on top of WordPress.
Long Answer
You are going to need a lot of modifications to the standard WordPress theme. But not to fret I have assembled a list of some of the things that you would need to do to get your feet wet.
- Add Custom Post Type for Places (Guide | Plugin)
- Add Custom Meta Boxes for address, latitude, longitude, etc. (Guide w/PHP Class)
- Assign Roles to users that will allow them to post. I suggest the Contributor role. If you need more control over permissions you can use the Members plugin
- Add a WP-PostRatings plugin
- Allow comments on posts to be used as reviews
Note: I see that you have tagged wordpress.com. I am unsure of what limitations they place on themes and plugins.