Sort of. Like I said before, a balanced circuit is designed to read the signal produced by the difference between the hot and cold wires of the balanced wire. It's called a "balanced differential input".
You can also use an XLR connector with an unbalanced wiring design, such as the 1/8" TRS to 2-XLR cable which I just built to connect my iPod to the XLR stereo inputs in the Yamaha PM5D. Whether a cable is balanced, or unbalanced is determined NOT just by the connector on the end, but how the connector is wired.
Professional mixing consoles (the ones used by professional mixing engineers, and not the entry level six channel cheapo mixers used by most musicians who can't afford to hire a mixing engineer) give you the option of selecting which type of input is coming into the input connector.
If you want a truly quiet XLR cable, get some of the four conductor shielded cable like the Canare L4E6S. You take two pairs of the four cables, twist them together and sodder the two groups of two cable to pins 2 and 3 (or tip and ring) of the connector. It's really a balanced cable that has been balanced again before the connector gets to the input circuit. (And if you want a TRULY quiet guitar cable, use the same Canare L4E6S, twist all FOUR of the conductors together, and sodder them to the tip of the 1/4" TS connector, and the sodder the ground to the sleeve).