If your definition of algebra consists of a set together with a collection of operations on that set, then yes there is a complete classification up to a certain equivalence. (Note that this will include groups, rings, modules, and lattices, but not ordered sets, topological spaces, algebraic varieties, or Hopf algebras.)
The classification is due to Post and you can read about it here.
To add some more detail, given an algebra $(A,\{f,g\})$ where $A$ is a nonempty set, $f:A^3\to A$, and $g:A^2\to A$. You can make a new algebra by adding the new operation $h:A^3\to A$ defined by $h(x,y,z)=f(x,g(y,z),y)$. Then the algebra $(A,\{f,g,h\})$ will have the same quotients and substructures as $(A,\{f,g\})$. If you continue adding all the operations you get by composing $f,g$, and projection maps, you get the clone generated by $\{f,g\}$. Two algebras $(A,F)$ and $(A,G)$ are term equivalent if the clone generated by $F$ is equal to the clone generated by $G$. This is similar to the idea behind the phrase "every abelian group is a $\mathbb{Z}$-module."
Post classified all of the clones on a two element set, so, in other words, he classified algebras on a two element up to term equivalence.