Wrapping dynamic text around an object.

Is it easily possible to wrap some dynamic text around a round object like a cylinder or a sphere?

This is a great example for wrapping text around an object:
http://blog.almostlogical.com/2010/08/20/adding-text-to-texture-at-runtime-in-unity3d-without-using-render-texture/

Source is available as well if you want to try it out!