Hi Jason,
 
Welcome to the list.  You'll find a wealth of valuable information here.  I'd advise you to come back often.
 
I have to respectfully disagree with many of my collegues' answers to your question.  I have been managing records using SharePoint for quit a while and, while I recognize that there are a number of limitations to the functionality SharePoint provides, I believe you can do it successfully.
 
You might want to check out my blog, http://sharepointrm.wordpress.com/, for more details.
 
Regards,
Don Lueders, CRM, CDIA
 
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