Assuming that x is the E-W axis and y the N-S axis (ore vice-versa) then, yes, it would be a simple application of the Pythagorean Theorem to find the distance from the reference point:
Straight-line distance = square root of (x squared + y squared)
$distance = sqrt(pow($x, 2) + pow($y, 2));
Finding the distance of one point from another would take a little more figuring, but it would still be basic trigonometry:
$distance = sqrt(pow($x_1 - $x_2, 2) + pow($y_1 - $y_2, 2));
(Of course, this all assumes that the earth is flat. In case it's not, and you want more accurate results, you could apply the Haversine formula to the lat/long.)