look at:
http://www.upa.pdx.edu/IOA/newsom/pa551/lectur15.htm
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Yes it can be a correlation coefficient.
No, it cannot be a correlation coefficient.
A correlation coefficient is a value between -1 and 1 that shows how close of a good fit the regression line is. For example a regular line has a correlation coefficient of 1. A regression is a best fit and therefore has a correlation coefficient close to one. the closer to one the more accurate the line is to a non regression line.
Evidence that there is no correlation.
A coefficient of zero means there is no correlation between two variables. A coefficient of -1 indicates strong negative correlation, while +1 suggests strong positive correlation.