Does HDMI port on computer send and receive content?

As John states Video and Audio UNLESS you've got  a system with HDMI 1.4 (2009 onwards)

This permits Audio from the connected device and an Ethernet connection.  Both devices need to be HDMI compliant and you'll need software support.  See https://en.wikipedia.org/wiki/HDMI#Version_1.4 and read the whole Wikipedia link where it talks about ARC and HEC https://en.wikipedia.org/wiki/HDMI#ARC

If you need to capture and have USB 3.0, you can use a device like this:
http://amzn.to/29699mV

I am in No way endorsing this device. I suggest you capture video to a SD card and bring into a laptop that way.  If you need to import HDMI, that device works, but it may not be the best quality.

Also what I have read it would be very tricky to do anything but normal audio / video.

HDMI  is being phased out.
Display port will start to become the new norm.
NO licensing fees.
Better bandwidth and will do HDMI USB and Audio..

The critical mass of a huge installed base of HDMI equipment will make it impossible for HDMI to phase out.

Of course, there will be more and more new video technology to be adopted like the USB type C for connecting to display device via USB type C to HDMI cable.

https://store.google.com/product/usb_type_c_to_hdmi_adapter

HDMI also have a backwards channel. Else the operating system cannot identify the screen and set/read out things like current contrast/brightness.

https://en.wikipedia.org/wiki/Display_Data_Channel

Hi, would like to know if the HDMI port on my HP laptop on Windows 7 send and receive content or just send

Most are just send, but is model specific... please post back detailed spec of the notebook.

Thank you.

Last couple of Dell and Lenovo computers I bought were display port only.

@camtz - You are very welcome and I was happy to help