Only in theory, not in practice. Without ranked voting, a vote for a 3rd party candidate is effectively a vote against whoever your second choice is, so voters are often faced with voting for the lesser of 2 evils. In the past 4 presidential elections, the only time a 3rd party candidate managed to get more than 1% of the popular vote (yet still 0% of the electoral votes) was in 2000 when Nader had 2.78% of the popular vote and if a fraction of his votes had gone to Gore, George W Bush wouldn't have made it to the white house.
I agree that ranked voting would be a much better option and would make third parties more viable.
However, this transfers the responsibility for the sad state of affairs in which we find ourselves to the government. There is nothing stopping people from voting third party. If people are serious about their dissatisfaction with the government, they need to vote third party and not for the, "lesser of two evils". We bear the responsibility for the situation we're in.
To further complicate things, when we transfer that responsibility to the government, i.e. electoral process reform, we are transferring the responsibility to the one entity with a vested interest in maintaining the status quo. Washington has no interest in enabling third parties or democracy, and they have attacked them at every possible opportunity.
Bottom line, the responsibility lies with the citizens whether we like it or not and whether we choose to accept that responsibility or not.