No. The PolyGrid function is not supported in the Raster Calculator.
In ArcGIS 9.0 and later, the Feature to Raster tool can be used from within the 'To Raster' toolset of the Conversion Tools' toolbox to convert vector to raster.
In ArcGIS 9.2 and later, there are tools specific to the geometry being converted within the 'To Raster' toolset of the Conversion Tools' toolbox. It is recommended that these tools are used to convert from vector to raster. These tools include 'Point to Raster', 'Polygon to Raster', and 'Polyline to Raster'.
Additionally in version 8.x or 9.x, the Features to Raster function in the Spatial Analyst toolbar can be used to convert a polygon feature class to a raster (ESRI GRID, TIFF, or ERDAS IMAGINE formats).