Kind of, ASCII isn't really random. You can give it a try yourself in your terminal:
$ text="Back in the day, one of IBM's early databases worked by storing memory into the graphics buffer, outside the field of view of the monitor, because writing directly to that memory space was faster on the hardware than anywhere else. (My dad wrote it when working for National Mutual)." && printf "P6\n$((${#text} / 3)) 1\n255\n$text" > test.ppm
The result is kind of dim because none of the characters are greater than 0x80. You can brighten it by changing the 255 to, say, 127.
The resulting file should open in most image viewing programs, though somewhat amusingly while writing this I messed up the format accidentally found a denial-of-service in Apple's ImageIO NetPBM parser :P