Yes, you can use cut, e.g.,
v = c(1,2,20,3,10)
cut(v, c(0:5, Inf), labels = c(1:5, "many"), right = T, include.lowest = T)
yields
[1] 1 2 many 3 many
Levels: 1 2 3 4 5 many
cut has a number of additional parameters to control how values get placed in the bins, so read the help there.