I would like to add channel field checkbox called featured and filter out the entries if it is checked.
Can this be done using the channel entries tag?
Yes, It is possible for sure. Follow the steps.
1) create a checkbox field named "featured" and pass the checkbox options i.e, "yes".
2) check the checkbox in entry which you want to set as featured.
3) on fornt-end code of your {exp:channel:entries}
pass parameter search:featured="yes"
This will bring the entries only you checked as "yes" in backend.