Yes, but very difficult to make them look any good....you've only got a 110x110 pixel box, and the biggest prob you'll have is that it needs to ne 48.8kb or smaller.
You'll need a prog to take screen grabs in a movie clip, then you'll need to import them into Adobe Imageready or any prog that can deal with animated gifs, then lower the number of colours to the minimum you can without losing what it is and cut the frames down until you get under 48.8kb.