Yes and no. Any ring can be used as a "promise ring", though not every ring is intended that way. What and how things are said that is most important things.
You can use any ring as an engagement ring. There are no rules saying that it has to be a diamond ring, or any ring in particular. The only guide line is that the ring be worn on the traditional...
There really isn't much of a difference. Most of the time Promise rings are cheaper, and engagement rings are more expensive. A Promise ring is kind of a way of saying someday i will propose to you...