How to create a Polygon from a single point

[JoshV]

I'm trying to programmatically figure out how to create a polygon feature using just a single point.  If my spatial reference is Web Mercator WGS84 and I want a 1 Meter by 2 Meter Polygon, how can I go about this?  The point can be any Latitude Longitude, I just need to get an idea if this can be done or not. Thanks

[MattSheehan]

Thanks for all the feedback here. Helped us solve a related problem.