If you mix it with 3 buckets of milk, 2 sugar, and 3 wheat, you can make a cake, which gives you health. Cakes can be bitten 6 times. You can also throw them giving you a 1/8th of a chance of spawning a chicken.
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If you mean "throw" like with chicken eggs, then no, you can't.
When you throw it it will sometimes make a baby chicken.
You can find eggs, those can spawn a chicken but not all eggs do, or load new chunks and they will spawn, just not where you want
in creative mode you can scroll down and they are at the bottom, you can highlight them (hover over) to see what the egg will spawn. in surival you can have chicken eggs and if you throw them off the floor they have a chance of spawning a baby chicken.
As of version 1.5, eggs can be thrown with a 25% of creating a chicken, or used as one of the ingredients in making a cake.