Not even close, it will parse the .wdf files.
The wdf's contain most of the files for editing, data.wdf contains the info for buttons, interface, etc. While c3.wdf contains the weapon meshes, textures, skills, etc.
This extracts .ini and .ani files (.ini and .ani in this case link to the files within the .wdf) so they are editable. It contains no software to edit the files, just extracts them.
To sum it up, you now have all or most of the .c3 files, you just cant edit them

(unless you can import .c3 files into a 3D software editor)