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Can you refund a game you don't like? Sure. But it will take 7 days and as mentioned, possibly longer during the holiday season. Instead of buying a game that you're not sure if you will like, then going aww man I want to refund it so I can buy this other game instead, just buy that other game to begin with.
Keep in mind that the refund system does not exist to test games. If Valve deems you are abusing the refund system they will warn you. If you ignore the warning, you will lose the ability to refund games, permanently.
If you use a credit card, it may take slightly longer for the money to get put back on the card.
It CAN take up to 7 days, yes.