No, that is not correct.
A CPL allows you to fly for money.
An ATPL allows you to fly, as captain, in a multi-pilot aircraft, for money.
You might also hear the term "frozen ATPL" or fATPL, especially in JAR-land. Although technically there is no such license, the phrase is used to mean a CPL/IR, with the exam credits for the ATPL, but without the hours for the ATPL. (The minimum requirements are 1500 hours, including 500 hours on a multi-pilot aircraft.) A fATPL is usually a requirement emposed by airlines before they'll hire you.
Hope that clears it up!
FFF
----------------
[Edit to note that I agre with Stoney - he got in before me!]