Sure that's what we'll all jump up and down for as we spring towards the beginning of another November of frantic writing.
Here's a great introduction to it...
Nanowrimo in 3 Minutes
Why do I participate? Maybe it's just to fill up the month or maybe, just maybe, there is a tiny part of me and thinks I'll score with an idea one day. Sure I'd like to sell a book or two but my problem is actually allowing anyone else to read what I produce.
One other problem but you mustn't think about till after Nanowrimo is over.
Even though I've taken a few of Holly Lisle's great courses I've yet to actually edit *read edit properly* one of my novels and I've participated in Nanowrimo since 2006. I've even written other novels outside of Nano as well but let's just say I've yet to push my lazy butt to prepare any of them for release.
So another Nano year? Bring it.
Chris Baty's book was a lifesaver at the start and I recommend you rush to buy it.. or not. Yes, this is an affiliate link but it's a book that greatly helped me.