Yes, it's possible. You have to use dynamic SQL to accomplish it. Below I quickly created a small stored procedure that does the trick. I didn't include any error handling, so alter it to your needs before taking it in production.
create procedure toggle_login (@login_name nvarchar(125), @set_enable bit)
** Don't mistake the ‘stupidity of the crowd’ for the ‘wisdom of the group’! **
declare @sql_command nvarchar(500)
set @sql_command = 'ALTER LOGIN [' + @login_name + '] ' + case when @set_enable = 1 then 'ENABLE' else 'DISABLE' end
exec sp_executesql @sql_command
-- usage of above stored procedure
exec toggle_login 'test', true