Yes, you could download one of the free site templates from Microsoft, but wouldn't you rather go with a vendor solution that includes a number of collaboration features along with project management?
Kiiro, a provider of project management solutions for SharePoint, thinks you would. Here's what they offer.
Manage and collaborate on your documents in SharePoint? Of course.
Manage Documents in Kiiro
Also collaborate on discussions, tasks and issues. Discussions are like blog posts with comments. You can even let people know about a discussion via email and enable them to respond by email.
We know you love Twitter, but it's not appropriate for working on projects. So Kiiro adds an activity stream to their solution. Along with adding your own activity updates, Kiiro also adds updates for any changes made to the project: task changes, new documents, etc..
Integrating MS Project
If you are one of the few who have managed to wrap your head around using Microsoft Project, then you aren't likely looking to replace it. After all, it's hard work getting your project set up in that product.
Kiiro let's you integrate your SharePoint site with MS Project. You can automatically download your project into SharePoint and have tasks created for your team. As the tasks are updated, they are synced back with Project.
Syncing with MS Project
Now if you don't use Project, no worries. You can set-up your project completely in Kiiro, adding your tasks and everything directly in the solution.
Take a Closer Look at Kiiro
If this all looks interesting, watch the video to see how it all works:
You can take Kiiro for a test drive or you can look at these other options for Project Management for SharePoint: