In a word processor, such as Microsoft Word, the answer (to the best of my knowledge) is 'No'.
Using a DTP program, such as Microsoft Publisher, it's simple.
It's also fairly easy in most image manipulation programs, such as Adobe Photoshop.
If you wanted to do it in a website creation program, such as Microsoft FrontPage, you'd need to create the image with an external editor (such as Photoshop) first.