Not quite. There are laws in the US (and a growing number of countries) that allow for using portions of a protected work for certain purposes. These are often referenced as 'Fair Use' laws.
These laws, however, are widely misunderstood. Further, the interpretation and enforcement of these laws have been erratic and contradictory. Very little in this area is clear enough to be 'well within the law'.
Before reprinting or reproducing protected text, I highly advise you to *do your research* on the subject. We've already seen WotC crack down on violations of the OGL. You don't want to be the guy that ends up as the straw that broke the camel's back - and gets sued for thousands of dollars (even if they don't win, the hassle they cause you would be enough of a deterent to others for them to get benefit out of the suit).