Strictly speaking, no, it is not possible. WordArt is a graphical element in Word created with text.
However, you can do a lot with the Text Effects button in the Fonts Group on the Home Tab. Once you apply those effects to a heading, if you click on the button for the heading style, you can update the heading style to match the effects you've applied. You can also reach Text Effects through the Modify Style button.
Thank you for asking this question. It allowed both of us to learn something new.
BTW: You need to update your profile which still reflects Office 2003.
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