I need to create several components where users can add their own records. These records must only be viewable/modifiable by that user and by admin and not by other users.

Is it possible to specify this with the cook application or would I need to hack the code?

yes/no?

Yes, user's content is possible. When you have it, do not forget to set permissions.

Great.

How is it done?

Please use wizard: author. When you are done, set correct permissions in params of your new component in backend.