Martin,
Yes. By 'modelling' we are talking about creating a 3D geometric file (regardless of the means...NURBS, pixels, polygonal meshes etc). That is considered the CAD portion of the 3D process.
'Rendering' refers to the process of taking these shapes and making them look pretty by adding visual textures and materials like wood, shiny plastic or modifying how the light hits the model and at what angle. Aside from making it look good to show your customer, it is of no relevence to the 3D process.
The next important part is the CAM portion to create toolpaths for machining the model. Some packages, like ArtCAM do both. Others just do design/modelling and some just do CAM.
Silo, Blender, Rhino and others can create 3D shapes. Whether or not the interface and tools are going to be suited for the work you are doing, is questionable & totally up to you. Some are more efficient than others...some are free, many of the better ones are not free. There are pros and cons to all of them. It all depends on what you really need. If just want to try 3D, you will (or already have) MillWizard included in the purchase of your tool. It is CAM only (machining)...You can take models created in any of the programs in question, import them into MW and create toolpaths to machine the part. If you need 3D content, there are tons of files on the web that you can download for free or for a fee, depending on what you really need.
-B