No- merely knowing the words does not translate into being able to use them. Most native speakers use only a few thousand words, though recognise many more. With 3,000 words, a person would be able to communicate at an advanced level if they knew how to use the words well, but would find simple tasks like reading a newspaper difficult because they wouldn't have the passive vocabulary to understand it all. It really is not a question of how many words you know, but what you can do with them, in my opinion.
PS If you look here, you'll see many word lists, including one that is supposed to be useful for TOEFL:
http://www.usingenglish.com/members/wordlists/