Absolutely! I'm not normally aroused at the moment I am being embarrassed, usually I am hating that moment and feeling. In fact, at the doctor's office, my genitals are usually quite shriveled and small from my anxiety, which only adds to my feelings of embarrassment. Could I actually become physically aroused during the very moment of embarrassment? Most definitely, given the right situation, scenario, and stimulation.
What I find most arousing about embarrassment is the memory or thought of the experience. Replaying in my head what I, or others, were thinking, feeling, seeing, and hearing are what get me going. Reliving my memories over and over again. Imagining different scenarios that could have happened or different settings. Imagining other people's experiences in the same or different scenarios. Picturing the people during their embarrassing situations. That's what I really love.