Yes and no. Some of the contact can be real and so are the dangers of injury. But match outcomes are all pre-determined. Storylines are almost always untrue, but are sometimes based on real life events. Storylines and interviews that are fabricated are known as "works", ones that are real are known as "shoots".
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In a sense, yes, the stunts and moves such as body-slams and high flying moves, etc., are real, as far as the punches and kicks those are faked, all matches are scripted, or "planned out' meaning that the outcome is already set for whom is going to win the bout, so yes it is real, more real than most may think, the wrestlers can get injured if a move is not followed through correctly, take in example Summer Slam 1997, Owen hart Vs. "Stone Cold" Steve Austin, Owen had delivered a piledriver which was not executed correctly and broke Austin's neck.
Hope this helps, also, I own my own Promotion in Florida, FXW, Florida Xtreme Wrestling, booking ages 13 to 17. :)