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Is it true wine allow user to run most windows application and games on a linux platform?

Not sure if I would say most but here is where you can find out what works and what doesn't
http://appdb.winehq.org/index.php

Wine is not meant to substitute for your entire Windows installation. It is meant to allow you to run one or two applications for which you can not find a Linux equivalent or that are required for some other reason. If you want to run Windows software exclusively you should run Windows. This is especially true for games. Some do work well with Wine but other don't or don't without alot of messing around. You'd be better to lobby the game developers to port natively to Linux and save you the trouble of "emulating" (for lack of a better word) Windows.

An important note is that while an application might work on X.Y version of Wine, upgrading to version X.Z might cause it to perform worse or not work at all.