Yes, you can do this by using the following code:
import arcpy
graphic = arcpy.GetParameterAsText(0)
arcpy.MakeFeatureLayer_management(graphic, "lyr")
arcpy.SelectLayerByLocation_management(arcpy.GetParameterAsText(1), "INTERSECT", "lyr")
arcpy.RefreshActiveView()
You will then want to add this script to a toolbox. See the section 'Adding Script Tools' here. After you add the script, right-click on the Script tool > Properties > Parameters tab. You will want to set up two parameters:
For the first parameter, select a polygon feature class for the 'Schema' in the Parameter Properties. The tool should then be ready to use.