Yes, too good to be true.
The lenses with 'aperture rings' are just a manual way of setting the aperture. DOF is the physical result of a few factors. Aperture is the main one, focal length plays a factor, distance to subject, size of medium/projected image...which has to do with the distance of the lens to the 'film plane'.
Google 'circle of confusion' and you can learn more.
Basically, no you can't get more DOF while shooting at F1.8. You could back up, so that the lens is at infinity focus...then anything past the focus point will be in focus...but that's not always practical.
Most digicams would do a good job of this for you....because their sensors are so small...they have a deep DOF.
You could probably find a DOF chart for your lens/camera combination...again, Google is your friend.
Also, look up hyperfocal distance. The DOF will always (I think) extend 1/3 back toward the camera and 2/3 forward from the focus point. So get the most efficient use of your DOF...you will want to focus 1/3 of the distance...from your closest subject to your farthest.