Kinda, its a long story really but each Lantern Corps is powered by a Different Emotional Spectrum Entity. So take the Sinestro Corps (Yellow Lanterns) for example, their rings are charged by Batteries, their Batteries are charged by the Central Battery on Qward in the Antimatter Universe, and the Central Battery on Qward draws power from the Emotional Spectrum Entity known as Parallax. They wield the power of Fear though as opposed to the others, Green being Will, Orange being Avarice, Red being Rage, Violet being Love, Indigo being Compassion and Blue being Hope.
the rings are powered by different emotions but the power of them is the same, build imaginative constructions like planes or big weapons
It's Plasma as in Blood, according to the comics it is the blood of the red lantern being expelled as the Red Lantern Ring replaces their heart and the energy of the ring replaces their blood
Man Normal: mmmm.... i think both can create whatever they like. well yes that is the idea of the power rings, make whatever they want