normadsurf,
Yes, possible, not real easy, but a good exercise.
I first pasted an image into my doc, used the Wrap Inspector to Unselected Object Causes Wrap and make Floating. Position the object and Arrange > Send Objects to Background.
Insert > Shape > Rectangle. Use the Wrap Inspector to set to Floating and unselect Object Causes Wrap.
Set the Fill to None or 0% Opacity.
Format > Shape > Make Editable.
Roughly position the Shape over the graphic.
Add control points to the rectangle by Option-Clicking the border.
Stretch the control points to match the graphic's shape.
When you're satisfied with the shape, double-click it to add text. The Text Insertion Cursor should appear inside the shape.
In the Graphics Inspector, Set the Border to None.
Regards,
Jerry