Not even close. The ratings are referring to the standards of acceptable content, such as how much blood, violence, language, or nudity is present in the game. The only games that that are "for kids" in the rating sense are EC, meaning Early Childhood.
Other than that, the breakdown's sorta like this:
E = G
E10 = PG
(note: that doesn't mean games of these ratings are targeted at youth, just that ok for kids to play as well as adults; E used to be known as K-A, meaning Kids to Adults)
T = PG-13
M = R
AO = NC-17
Plus remember that the ESRB rates all games on all systems. It means the same thing on Wii and DS as it does on every other modern system.
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