Yep. Most of the time I can figure it a word's meaning by context. Sometimes not, though. What has really helped me has been some knowledge of other languages. I've taken Latin (which helps me most of all), Spanish, and a little bit of Russian.
I had a couple of years of Latin in high school (which I still remember a little bit). Some of the Mass at the Catholic Church I attended as a boy through my teenage years was still in Latin (I'm talking late 70s & on through the 80s), so I got a smattering of spoken Latin too. Most English words are based in some form on Latin roots (same with 'Romance' languages like Spanish & Italian), so that knowledge really helps a lot when noodling out a new (to me) word. I can't remember noun/adjective declentions or verb tenses to save my life nowadays... I've forgotten WAY more than I remember.