Yes.. why not.. :)
Here is a very good tutorial showing all the steps required to DIY a panty:
http://comeandseetheseitz.com/2010/03/09/panty-tutorial-how-to-sew-underwear/
However, if you do not want to dissect a nice piece of panty, you can try to make one by doing the below... I didn't invent this (I wish I am that clever..:)) .. I saw this in a forum.
1) Cut a love shape in a piece of folded paper:
What is this? :)
2) When you fold it into half, it looks like this:
3) You will need to make adjustment to find the right waist width and the right size of heart shape for the leg holes.
4) Usually the panty has double layer in the middle, you need to make the middle piece by tracing the middle part of this on another piece of paper and cut it out.
Taking a bit of time to get the sizing right.. So, I sacrifice an old panty and use the tutorial mentioned above instead. It gives the exact size I need.. , here is the link again:
http://comeandseetheseitz.com/2010/03/09/panty-tutorial-how-to-sew-underwear/
Most of us probably have many unused/old T-shirts at home... you could try making one using these T-Shirt.
The next thing... I need to learn how to sew or serge stretchy material... knit, jersey, etc.
1) Instead of sharp needles, we have to use a ball point needle. Why? The ball point needle does not cut the weave of the fabric, it pushes the thread to the side while piercing.. so smart.. Don't try to pock yourself with the ball point needle, though I read that it should be blunt.. but it still look quick sharp!
2) Here is a long list tips here for sewing stretchy material... still reading...
http://mirelap.wordpress.com/2008/08/05/tips-for-stretch-fabrics/
Wishing you a wonderful weekend..