Yea, each team gets a possession from the opponents 25 yard line. If they stay tied after the two possessions they keep on playing. Sometimes they end quick, sometimes they play for quite awhile (See Arkansas - Mississippi a few years back).
I always thought NFL should add a rule change to OT. Doing it like college is kinda lame I think. In America we love the first-to-score-take-all philosophy. Europeans have higher tolerance for ties as it's a key part of soccer strategy.
Here's what NFL should do- instead of flipping the coin and winning team receives the kickoff. The team that wins the coin flip has the CHOICE of offense or defense, but there is NO KICKOFF. The ball is placed at the 10-yd line. So you have to march 90 yards.