Can drupal be setup for users to interact with and submit suggested changes to an article? We will have static content. But we want the content dynamic in the sense that users can submit suggested revisions and the "community" can either vote or comment on that suggested change.
Yes - this is a common use case and is mostly done through adding and configuring  the workflow module and some combination of a moderation module (ex. Moderator or Modr8) to control who has final say over publishing the node.

To add a voting component to this, you would add voting api and then a voting widget (ex. fivestar or vote_up_down) based on what kind of user experience you are looking for. Then when a revision gets a certain number of votes, your moderators could publish the content. If you wanted this to occur automatically, you should take a look at the Rules and Voting Rules modules.