That's what you bought it for
Oops - missed this bit. Theory and practice are different - if your doing your own prints then the wider the space the better (in theory - in practice it's debatable as to how much difference you'd see, if any). If your having the images printed elsewhere then sRGB is safest (because it's essentially the lowest common denominator). Wider spaces CAN be used, but it's VITAL that you ensure that the printshop can handle them before using them.
PS: What version of Photoshop are you using?