Well, I suppose, but only in the sense that it is hard to change the direction of the axis of rotation.
A bicycle is also stabilized by the rotation of the tires. The faster the spin, the more torque is needed to turn or tip the wheels. (torque = rate of change of angular momentum, either in magnitude or direction)
Try Google - gyroscopic stabilization
How can a blackhole be stabilized by adding to its angular momentum
2 answers
ah - cute demo :
http://www.youtube.com/watch?v=az1_4WjadlU
http://www.youtube.com/watch?v=az1_4WjadlU