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No; it's more than that. It means (among other problems) that there's no way to determine the component in phase with the sample clock (sine component), so the amplitude remains unknown.
That's the least of the problems, though. To resolve a frequency of f Hz, one must sample on the order of 1/f seconds. Frequencies in the sampled domain lie on a circular scale, so that it is also necessary to sample on the order of 1/f seconds to resolve a frequency of Fs/2 - f.
We can no more sample frequencies close to Fs/2 in a reasonably short time than we can those close to DC.
So many misconceptions, so little time. Tim: are you tuned in?
To the person who wondered if he had been asleep in class when the way to remove aliases after sampling was explained: you didn't miss a thing. Think of the original components as sticks of varying lengths. (The lengths are proportional to frequency.) The sampling process chops up any length greater than Fs/2 into pieces of length Fs/2 which it discards, and leaves the remainder in the pile. The result is that all the sticks are shorter than Fs/2, even though some *were originally* part of longer sticks. There is absolutely no way to tell the original length after the ax falls.
Jerry