Yes, a UITextView is what you're looking for. You'll have to deal with some things differently (like the return key) but you can add text to it, and it will allow you to scroll up and down if there's too much text inside.
This link has info about making a screen to enter data:
http://iphoneincubator.com/blog/windows-views/how-to-create-a-data-entry-screen a data entry screen