Hola Ashlyn

Yes, this is a specific use of ir accompanied by an adjective or sometimes an adverb. It's generally implying the meaning of "estar" but it's more idiomatic and it also conveys the idea of progression of the action. Here are some examples:

Va vestido elegantemente. (more idiomatic)

Está vestido elegantemente. (more literal)

Van borrachos. (reflects more the idea of movement, progression)

Están borrachos.

Also expressions like:

¿Cómo vas? 

How are you? (How is it going? (progression)

Voy bien, gracias.

I'm good, thanks. (All is going well.)

The verb "andar" has a very similar use - you can also say:

Andan borrachos.

¿Cómo andas? 

I hope this helped.

Saludos