Sounds like a nasty spill. Yes, it is normal for even high-quality rims to bend a bit under such adverse conditions. Although a cm is ALOT of lateral play, you may be able to salvage the rim. If you have not worked much with wheels, show your rim to a good local bike mechanic or a trusted, mechanically-inclined fellow cyclist, to determine whether the rim ought to be replaced. (The more abrupt the bend is, the more likely you are to have damaged the rim irreparably. One can often tune out a lazy, gradual warp or bend by judiciously adjusting the tensions/lengths of various spokes.)
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069