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Yes, just follow FGU's link.
Then all you need to do is create a new thread. In this you should declare what you want the graphic to be. Just look at the examples already there. State the deadline for the graphic, its dimensions, color scheme, desired file types and the prize money.
It is very simple, but I think you need at least 20 posts to be able to create a thread in that section. This makes the section more secure, so when you're at 20 posts, you can start a contest.
Another tip is that you keep the prize money competitive. Don't set the prize money at a low value as you aren't going to get a response. Similarly, don't overspend. But I definitely recommend you do this method for every time you need a graphic, a logo, header etc. It's a chance to see everyone's version and you simply pick your choice. Best of all, you can get a good graphic without being hugely overcharged like some graphic designer websites.
Hope that explained it.
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