Well, it's not a true blog, where you have a "recent entries" and a calender module to see posts by date, etc. But you do have the ability to write articles and enable comments and ratings for the page. You could control the most recent "blog entry" being first visible by posting it on the Home topic and keep previous "blog entries" as topics in the Wiki.
The wiki at it's core functions as a module that can:
Record articles as "Topics" in the wiki
Provides linking syntax to navigate from topic to topic
Provides an Index capability to view all topics/articles published in the wiki alphabetically
Provides a search capbility to locate keywords in the topics/articles published.
Enables users you define to edit topic contents
Enables a "Comment" capability per page/topic for user comments
Enables a "Rating" capability per page/topic for user topic ratings