It's definately possible. Here's some of the code I use for a debug log,
this isn't scrollable but it's the basics

Code:
TEXT* txt_log = {
	pos_x = 20; pos_y = 20;
	layer = 100;
	strings = 40;
	flags = visible;
}

function fnc_logUpdate(STRING* localString){
	while(i < txt_log.strings-1){ //most recent at bottom
		str_cpy((txt_log.pstring)[i],(txt_log.pstring)[i+1]);
		i+=1;
	}
	if(localString){
		str_cpy((txt_log.pstring)[txt_log.strings-1],localString);
	}else{
		str_cpy((txt_log.pstring)[0],"");
	}
}


then use the line
Code:
fnc_logUpdate("MY STRING");
to add it to the log

if you want it scrollable, you'll need a second TEXT* and your current TEXT txt_log will display the selected lines from there