Is this a phone? Yes and no. While I wouldn't go as far as considering it a phone, there are apps you can download that make it one. While your tablet is connected to WiFi you can download a texting app, which means that as long as your tablet is connected to WiFi you can send and get texts from people. You can also download Skype, which you can call and get calls from people that also have this app, you can also choose to use the front camera or not when calling.
However, this only works when connected to WiFi. So if you plan on taking this every where you go, I would go to a phone carrier and see about getting this connected to one of their services. So if you are on the go, you will always be connected to WiFi or phone data.