Yes, you can take pictures of passing cars at night with the headlights and taillights as long streaks of white and red with your camera.
You do NOT need a high ISO or a wide-open aperture. You DO need a tripod.
Your camera has a minimum shutter speed of 30 seconds. I did not see any mention of a "B" (Bulb) setting which would allow you to use a longer shutter speed but it really isn't necessary. You can use the camera's self-timer to control the shutter.
I use and recommend the FotoSharp "Day & Night Exposure Guide"
( http://www.fotosharp.com ). Although this exposure is for a "City skyline in distance" it will work equally well for car light streaks.
ISO 100
f4 @ 8 sec.
f5.6 @ 15 sec.
f8 @ 30 sec.
I suggest f8 @ 30 sec. to achieve the maximum blur. Of course you can experiment and try f4 @ 15 sec. and f5.6 @ 30 sec. Usually, though, the best results will be the settings suggested.
Find a location with minimal extraneous light, set up your tripod, mount your camera and give it a try.
Want to photograph floodlit buildings or fountains or outdoor Christmas lights?
ISO 100
f4 @ 1 sec.
f5.6 @ 2 sec.
f8 @ 4 sec.
f11 @ 8 sec.
f16 @ 15 sec.
Does the Guide work? You decide.
http://www.flickr.com/photos/drifter45h/899682567/ ISO 200, f8 @ 15 sec.
http://www.flickr.com/photos/drifter45h/899682797/ ISO 200, f8 @ 15 sec. Composed at 70mm, carefully zoomed to 210mm during the exposure.