Sure, if you're on PowerShell 2.0 try this:
Add-Type -AssemblyName System.Drawing
$filename = "$home\foo.png"
$bmp = new-object System.Drawing.Bitmap 250,61
$font = new-object System.Drawing.Font Consolas,24
$brushBg = [System.Drawing.Brushes]::Yellow
$brushFg = [System.Drawing.Brushes]::Black
$graphics = [System.Drawing.Graphics]::FromImage($bmp)
$graphics.FillRectangle($brushBg,0,0,$bmp.Width,$bmp.Height)
$graphics.DrawString('Hello World',$font,$brushFg,10,10)
$graphics.Dispose()
$bmp.Save($filename)
Invoke-Item $filename