Yes, it is a cam lock.
The lock is a simple wafer, or so I'm lead to believe. With the understanding that it is such a lock I'll offer what I can. The keyway looks odd, but perhaps it's merely the lighting.
I'll quote what I wrote in a previous thread:
In an old thread that could have been found by searching, I wrote:Apply tension, lift the wafer which feels the most resistant, keep lifting untill you feel the plug turn slightly.
Apply tension, and rake the lock with a half diamond, or rake pick.
Lift all the wafers with the pick as high as they go, use stronfg tension to kee them lifted, then gently rake the wafers whilst reducing tension slightly - they should set and the lock open.
Of course if you are unsure about any of the terms you will do well to learn the basics first:
http://www.gregmiller.net/locks/mitguide/
This is the MIT guide, and it is currently the best... which is freely available
Here's a thread regarding the insides of these locks:
http://www.lockpicking101.com/viewtopic.php?t=10541
Of course, if it's not a wafer lock I've wasted my time doing bugger all
Hope this helps...