Can the peer-review process be "emulated" in class? For graduate students such as Masters by coursework students who may not really pass through the rigour of research, is it possible to have them review the write-ups (e.g articles for assignment) of their peers? Of course, it would be highly sought that the review is of good quality and anonymous. A single round of review may also be acceptable.

Edit: Based on Nate Eldredge's comment which affirms the possibility of peer-review using learning management systems. I would like to know how the quality of the review could be improved. For instance, in conventional peer-review systems, the editor tends to trust the level of expertise of the reviewer. This may bring some challenges in this case. How can this be properly dealt with. Also, do we have free learning management tools to implement this system?
As Nate Eldredge says in the comments, peer feedback is an accepted teaching practice, and "simulating" peer review is one way to implement it.

This method is very effective in facilitating deep learning, developing critical thinking skills, encouraging clear writing, and promoting teamwork. It is less effective when the goal is to give some broad overview of a topic.

Some of the difficulties lie in assigning grades (for the outcome? for the review? what if they are not written?) and in overseeing the process. 

Moreover, the process may at first seem efficient as it takes some load off the teacher, but this depends on the degree of oversight and steering. It is also quite time-consuming for the students.