Yes, it's totally possible! However it's not easy, and will require you to have a good understanding of Lua programming and SRB2's Lua functions—in other words, it's not something you can learn in a day like SOC cutscenes. If you really want to make Lua cutscenes, I would recommend that you learn to script first, create something simple, and grow from there. It will likely take a while before you are at the level required to make cutscenes, but you will definitely know that you've reached that point once you get there!
Here's a good tutorial for
making a custom player ability, which I have always felt is the easiest and most fun kind of first script. Here are some
Lua programming basics, which will look confusing at first but will hopefully make sense and increase your knowledge scope after you've made a script or two. Don't be afraid to reference other people's scripts, either! A large number of scripters (including myself) learnt Lua by modifying released scripts and seeing what results they could achieve.
Good luck!