No, he's a program. A sentient program perhaps, but a program nonetheless and subject to the limitations set forth in that program. His software was corrupted by Neo though, which changed his directives as such.
While I did find the Smith virus speech interesting, I felt it was a minor part of the overall plot and didn't pay too much heed to it.
Far more interesting is the Merovingian. His whole speech about the power of why was great. So many people (myself included, I expect) do things automatically without ever having a true idea of why. Never stop asking why.