Yes, a student can apply for PR under Canadian Experienced Class (CEC) category.Foreign students who have studied at an accredited post-secondary school on a full-time basis, in a program of at least 2 years, may qualify under CEC stream. The foreign student must have completed the program on a Canadian campus and obtained the educational credential. The foreign student must have also worked for at least 12 months in a full-time, skilled position. The work experience must have been obtained after graduating from the course of study.
If you can find an employer who can offer you a job,then off course yes.
He can apply for lmo and you can change your status.But this process will take around 6 months.