No, Urdu and Punjabi are not closely related enough for any part of the spoken language to be understood. I like to compare the relationship between Urdu and Punjabi to be similar to that which exists between English and Swedish-- both are Indo-European and Germanic languages, but English is West Germanic while Swedish is North Germanic.
Urdu is placed in the "Central Zone" of Indo-Aryan languages (homologous to classifications such as North Germanic, West Germanic, Italo-Western, Eastern Romance, etc) while Punjabi belongs to the Northwestern Zone. Urdu is also largely unintelligible to speakers of Hindi due to the vast quantity of Arabic and Persian loanwords found in the Urdu language.
Hindi and Urdu are extremely closely related, though, and are often considered to be dialects of a larger "Hindustani" language. A speaker of Hindi will understand basic Urdu but will be confused by parts of the lexicon with foreign derivations.
Student of comparative Indo-European linguistics