Well, yes it's possible. There are a number of ways to do it. You could do it as a 3D fixed camera game that looks 2D, and use lights, and transparent objects.
To do this with 2D bitmaps you would need two screens. A hidden screen that is brighter than the front screen. Then you would need to paste a black cookie cutter over the part that you want to be the spotlight. Then grab the image, and the black will be transparent, leaving a spotlight effect. This can also be used for magnifying glasses, and shadows. I even made a glowing magnifying glass.