Yes. Giving the Placemark a name and description will make it clickable in Google Earth and will open with an info window showing both. You can create rollover/mouseover behavior using stylemaps, here is an example that does both:
<?xml version="1.0" encoding="UTF-8"?>
<kml xmlns="http://www.opengis.net/kml/2.2">
<Document>
<name>Highlighted Icon</name>
<description>Place your mouse over the icon to see it display the new
icon</description>
<StyleMap id="exampleStyleMap">
<Pair>
<key>normal</key>
<!-- you could also use a <styleUrl> here instead of inlining -->
<Style>
<PolyStyle>
<color>7dff0000</color>
</PolyStyle>
</Style>
</Pair>
<Pair>
<key>highlight</key>
<!-- you could also use a <styleUrl> here instead of inlining -->
<Style>
<PolyStyle>
<color>7dffffff</color>
</PolyStyle>
</Style>
</Pair>
</StyleMap>
<!-- and now, a Placemark that uses the StyleMap -->
<Placemark>
<name>Roll over this polygon</name>
<description>this will show up when clicked</description>
<visibility>1</visibility>
<styleUrl>#exampleStyleMap</styleUrl>
<Polygon>
<tessellate>1</tessellate>
<altitudeMode>absolute</altitudeMode>
<outerBoundaryIs>
<LinearRing>
<coordinates>
-112.3372510731295,36.14888505105317,1784
-112.3356128688403,36.14781540589019,1784
-112.3368169371048,36.14658677734382,1784
-112.3384408457543,36.14762778914076,1784
-112.3372510731295,36.14888505105317,1784
</coordinates>
</LinearRing>
</outerBoundaryIs>
</Polygon>
</Placemark>