More specifically, for DC, the power is constant, and the formula is just
For AC, the power is actually a changing waveform, but you want the average power over one cycle. To calculate this for a resistive load, you use the RMS value for voltage and current:
- \$P = V_{RMS} \cdot I_{RMS}\$
The VRMS of your wall outlet is assumed to be 110 VRMS, and your multimeter in AC mode most likely tells you an approximation of RMS current, so yes, 0.6 ARMS ⋅ 110 VRMS = 66 W.
If you had measured the peak voltage of your power cord, or the peak current, instead of the RMS value, and you knew that the thing you were measuring was sinusoidal, then you could use a √2 formula to calculate the RMS value, and then plug that into the above equation.
The actual value of the power cord is probably not 110 (it varies from place to place), and the actual RMS value of current is probably not exactly 0.6 (because it's not a pure sine wave and the multimeter doesn't measure true RMS values), and there may be a power factor discrepancy, so 66 W is just an approximation.