Yes:
>>> from collections import Counter
>>> x = Counter({'a':5, 'b':3, 'c':7})
Using the sorted keyword key and a lambda function:
>>> sorted(x.items(), key=lambda i: i[1])
[('b', 3), ('a', 5), ('c', 7)]
>>> sorted(x.items(), key=lambda i: i[1], reverse=True)
[('c', 7), ('a', 5), ('b', 3)]
This works for all dictionaries. However Counter has a special function which already gives you the sorted items (from most frequent, to least frequent). It's called most_common():
>>> x.most_common()
[('c', 7), ('a', 5), ('b', 3)]
>>> list(reversed(x.most_common())) # in order of least to most
[('b', 3), ('a', 5), ('c', 7)]
You can also specify how many items you want to see:
>>> x.most_common(2) # specify number you want
[('c', 7), ('a', 5)]