Yes, that is exactly how it works - sort of.
As it is the space between them that is expanding, neither object need actually be moving in space. That means c is not an obstacle.
Take the example of 3 objects in a line. Call them A,B & C. B is in the middle. The space between A & B is expanding at a rate that causes them to move apart at 0.6c. Let's say the situation is the same for objects B & C. That means A & C are receding from each other at 1.2c as expansion is cumulative, unlike objects travelling at relativistic speeds.
It is actually surprisingly easy to calculate how far apart 2 objects must be for their speed of recession to exceed c; so let's put some figures to it.
First, you need the Hubble constant, which is approximately equal to 0.007% per million years. In other words, every million years, all distances in the universe expand by 0.007%. Put another way, the apparent speed at which 2 objects move apart increases by 71 kilometers per second for every megaparsec of distance between them.
The speed of light is approximately 300,000 kilometers per second, so we can calculate that the two objects must be separated by around 130,000 million million million kilometres for their speed of recession to exceed c. If you're really clever, you can calculate what that distance is in light years (calculating quickly on my fingers & toes, I make it about 13.7 billion).