yes you can do this, in many ways. If you want just simple text, turn your make a cut scene with the character set as no image, so he's not visibile. Then just display text. Or if you want fancy, use photoshop or paint and create text in a cool way and save it as a image in teh database. Then make a cutscene and use event command "show picture" and use the picture you made.
Be creative. If you want some breaking news or something, make a newspaper in photoshop.