Sure is.
Using the text tool, type your text on the canvas.
In the inspector, select the layout tab.
Change the path options from line to loop.
I set the tracking on the format tab so that the text loops completely.
Drag the size handle to match your graphic you want to place the text around.
If you want to make it rotate, place the ramp behavior to the rotation property of the layer. Applying a spin behavior will spin the individual letters.
Hope this helps.
Graham