well no not exactly, you would need to create a way which updates and set the location of the item on a regular interval like on tick or at least thats the first method that comes to mind. it seems like it has the potential to be a far more complex prospect in reality though.
i would try to work something out and figure the method that way but i dont have a motion controller setup, hmmm maybe i can try it with the mouse or kinect or something. in any event how you would implement it is based on how the movement of the item is handled. i would think the get and set location method would work though.