Not on 1.3.0.1. You'll need 2.0 for that.
(before anyone comments "but wait 1.3.0.1 can do lua": 1.3.0.1 is lunadll-autocode, 1.3.0.2 is Lua-integrated smbx.)
Once you got that you'll need to do some pretty advanced scripting to get something like the disco ball to work.
Luckily for you someone's already working on a disco ball API which will be available as part of 2.0 in the future!
More complex stuff (gradients and whatnot) is possible, but might end up being laggy. I suggest waiting for shaders to do that.
If you're just going for a very simple and static effect, like a vignette, you can just make an image and load it into your game with Graphics.loadImage() and Graphics.drawImage(img, x, y)
