Yes, this will install Varnish. But this is only the beginning of the journey.
You will have to configure Varnish to be on port 80 and send cache misses to a backed (you can configure Apache to listen on an alternative ports trough WHM > Tweak Settings ).
When you install varnish, you will need to configure the following file:
/etc/sysconfig/varnish for Varnish startup options.
IMPORTANT: For high profile sites, a lot of things to cache (images, files etc) install only on 64-bit systems
Next, configure the VCL rules in /etc/varnish/default.vcl (or any other .vcl file, just edit the path in /etc/sysconfig/varnish ).
When you have everything setup properly, start varnish, start apache on alternative port and run varnishstat and check the cache hit and cache miss to see how your website is caching and is served by Varnish.
I am running few Wordpress blogs on a Varnish setup, it's magical to see how number of visitors is growing, but the server load stays the same ( example setup: Xeon 3.0 Ghz (4 cores), 5k visitors daily, server load ranges from 0.1 - 1.2 depending on the cachingof the wordpress setions (custom VCL rules)).
Also, I would suggest Cacti/Munin monitoring of your Varnish setup to see how much memory is used, backend traffic etc.