Yea, It's possible. We like to call it Bitmapped fonts :P
Just create a matrix of all possible chars you'd want to use. in a bitmap. Devide the bitmap in "8x8" matrix. Id prefer to call it a frame. Now here's how i do my function.
look up the ascii table
http://www.asciitable.com/. you'll create the matrix image with frames that go from left to right. I create my words in the decimal order. Witch means that my frames match the decimal value. So frame 33 would be the ! character. Use Fontext free to create something similar.
After you've generated you're bitmapped font just use the "LoadAnimImage" Command to load it in... Specify the right amount of frames.
I created a function witch i recommen you do to. That parses a text string and generates a bitmapped font text. It's structure is similar to the text command. BMFText(X,Y,Text$,Center,BitmappedFont)
Then i do the following. I use cases. If the first character in the Text$ is like a ! then i use the drawimage command to draw the Chr("!") value. witch is the 33'rd frame
Example:
Function BMFText(X%,Y%,Text$,Center,BMF%)
Local BMHeight = 8
Tmp$ = Text$
For I = 1 to Len(Tmp$)
Select Tmp$
Case Left(Tmp$) = Chr(33)
Frame = 33
Case Left(Tmp$) = Chr(13)
Y% = Y%% + BMHeight
End Select
Tmp$ = Right(Tmp$,Len(Tmp$-1))
DrawAnimImage BMF%,X%,Y%,Frame
X% = X% + BMHeight ; Move the Position
Next
End Function
IM not @ home right now so i didn't test the code i just wrote above, but it should help you along the way...