During Theme Install – Add fake posts/pages

I’m creating my first custom theme, and I’m wondering if there is a way to have the theme, during installation, add posts and or pages with fake content, latin paragraphs, etc, just for show. Is this possible?

I know there is a lot of discussion going on about the theme activation hook, so I’m not so much concerned about that. Rather what would go inside … can a theme create custom posts without going through the normal user posting control panel page?