Not exactly. The standard phrase is "я хочу тебя" and the main (nuclear) stress is on "хочу", as in I want you/ich begehre dich. If you were going to say "I want YOU, not him/her" it would suffice to shift the stress in the sentence to "тебя".
In Russian you normally don't have to change the word order to modify the meaning, a change in intonation is mostly enough.
"я тебя хочу" is also possible, but only within a certain context; it sounds marked, emphasized.