No they don't list just any. They query the system, which reports any resolutions, that the attached monitor reports.
There is no built-in support for that query, or I haven't found it. I'm sure, ROJO knows how to access these informations directly from the system using Python ;)
However, using Python you can also get such a list if you install PyGame. The function "pygame.display.list_modes" does exactly what you want.
It would be used like so:
modelist = pygame.display.list_modes(32)
32 indicates that you are looking for resolutions with 32bit color. The result is a list with tuples:
[(640, 480), (1024, 768), (1440, 900), etc...]
[EDIT] Link to the pygame function description: http://www.pygame.org/docs/ref/display.html#pygame.display.list_modes