JOEL - The answer is most deffinately Yes! The confession must be made to the proper church authorities (Bishop). The repentance must be sincere and complete. A certain period of time will have to pass before the member is able go to the temple. The repentance process will require that the person undergo some form of Church discipline. This wouild include either probation(usually for teenagers and other non-endowed members), disfellowshipment, or excommunication. The type of discipline depends on how old the person is, if they have already been endowed, if they have already been married in the temple, and how prominant of a position they had in the Church. Even if it's excommunication a repentant person can, within a year or so, be readmitted into the Church, have their temple blessings restored, and be married again in the temple.
Of course it is better to have lived the law of chastity in the first place. God will forgive you if your repentance is sincere and complete, but you will always carry some scars with you from the experience.