Yes, you can!
$str="One";
$class="Class".$str;
$object = new $class();
When using namespaces, supply the fully qualified name:
$class="\Foo\Bar\MyClass";
$instance = new $class();
Other cool stuff you can do in php are:
Variable variables:
$personCount = 123;
$varname="personCount";
echo $$varname; // echo's 123
And variable functions & methods.
$func="my_function";
$func('param1'); // calls my_function('param1');
$method = 'doStuff';
$object = new MyClass();
$object->$method(); // calls the MyClass->doStuff() method.