I'm pretty sure it does, as Neverwinter Nights 1 did and that was pretty much the biggest selling point for it. I've got NWN2 here somewhere, but haven't played it much (no time to get addicted to any RPGs.. or play any long games, really), so I can't say I'm entirely sure.
Other games you should check out, however, are Icewind Dale and Baldurs Gate, as they both play very well cooperatively. Icewind Dale is more action-oriented than other games like Baldurs Gate, so you might keep that in mind if you're looking for story over actual gameplay. Not that there isn't any story to it, but it's less pronounced than in Neverwinter Nights and such.
Other games you should check out, however, are Icewind Dale and Baldurs Gate, as they both play very well cooperatively. Icewind Dale is more action-oriented than other games like Baldurs Gate, so you might keep that in mind if you're looking for story over actual gameplay. Not that there isn't any story to it, but it's less pronounced than in Neverwinter Nights and such.