No, not while compiling the kernel.
You add the nvidia driver later by using the proprietary nvidia installer obtainable from
http://www.nvidia.com/Download/index5.aspx?lang=en-us.
Or you can compile the nv (open source) module while compiling Xorg.
Update: More recent kernels (2.6.33+ I think) contain the nouveau driver, which can be compiled as a kernel module at kernel compile time. I don't have any experience with this driver as I have found the (cough cough) proprietary nvidia driver rather good.