Indeed. My dad used to stop out late nights and would have to get up early. Not to mention the amount of travel he'd do whether he was tired or not. Now he's having lie-ins like no man's business.
So yes, the body does try to keep up on lost sleep. There are ways to control it however, like going to bed around an hour earlier, and forcing yourself to sleep for another ten or so minutes. Your body clock will eventually get used to this life-style, and you'll find yourself revitalized more than before.