To answer your question, no. A whole note with one slash would not be two half notes, but eight eighths.
http://www.vicfirth.com/education/features/webrhythms/19.phpThis explains rhythmic abbreviations much more in depth.
If you don't want to read it all, I'll explain the basics. A slash is an abbreviated beam, which means that a half note with one slash would be a half note worth of eighth notes (which have one beam). On that same thread, a half note with two slashes would be a half note worth of sixteenths.
Notes already containing beams (or flags) would simply add beams for every slash, therefor an eighth note with a slash would be two sixteenths. An eighth with two slashes would be four thirty-seconds, and so on.
"Diddle: a slash notation that divides the note in half. "
"When you take a note with a diddle placed on it, regardless of the original note value, the diddle make you subdivide the diddled note and play two of the 1st level subdivision of the diddled note in it's place (with one hand)."
This line of thinking only works when the longest note value is a quarter note.