Yes!!! It is called a "slash chord". Google it. For example, http://www.pianobychords.com/slashchords.html.
As chords appear on sheet music, you should play as said by DbKeysinCT (except his slash should be "/"). This is the standard way to read Bb/C.
In contrast, please keep in mind that the way most people post chords on this site is non-standard. That difference is so important to know that there should be a disclaimer on this site somewhere...lol 
It will save you from a lot of confusion. 
Derik was actually correct, and so is playhear and DbKeysinCT. it is called a slash chord, you would play the c in the bass, which means you play the left side with your right hand, and the right side in your left hand.
Playhear is also correct about this being the STANDARD notation. If you buy sheetmusic anywhere in the world and they have chord notations on the music, you will see it written this way. The way we do it on this site is non-standard, but as long as everyone understands the difference, it's no big deal.
Most of the stuff on this site is spelled out note for note anyway, which is not something you will see in standard chord notation. If you want note for note, the arangers expect you to read the sheet anyway.
But the stuff on this site (and Sister T's site) although non-standard, is still highly accurate. People just need to know the difference between what we see here vs what you would see on a purchased lead sheet or chord chart.
thanks
jlewis
