well title says it
I'm not realy in to making animated gifs, so ..
is it possible to make an oval shaped or round animated gif?
You mean like a pop-out signature?
I think it's possible to do a popout signature, but I would usually just "Ghetto Pop-out" it, that is to just make a layer in the back of the signature that is the same color as the background of the page.
Only done it like once, though.