If you are looking for the Fusion particle system to work as a plug in (apply it to your light source, and magically do something) then no.
The particle system is quite powerful, but you will have to learn how to use it to build anything out of it. Even a simple ball of particles will require a bit of playing around.
With it you can certainly emulate fire and smoke and little floaties.
You could certainly colour it red, but to make that particular light sabre would take a lot of fiddleing around, but i'm sure someone with a lot of practice with it could do something pretty cool.