well not only Moodle but also OLAT (Online Learning And Training, see http://www.olat.org), a Swiss open source project, does this. You can either let the students randomly choose an assignment, let the student pick an assignment or assign them yourself. You can set time-limits and you get noticed when the student submitted an assignment. Then you can give grades or points and in the end generate Excel files with all the results (and the passed/failed comment). Have fun!