Sure... that's one of many definitions for the word. It depends on the context. ORB is also used in a number of acronyms, but it does describe the circular spots of light sometimes seen on photographs. Often, when they are a part of videos, they have a tail of light as well. Usually easily explained. Some attribute the phenomena to supernatural influence... none ever shown to be substanial, however, to my knowledge...
Some people say they are just particles of dust reflecting the light, others say they are souls/ghosts etc (I'm not too clued up on supernatural things) xXxXx