Answer:
Yes!
Made-from-scratch-frosting: Replace half of the liquid needed, with orange juice and add a bit of orange zest.
Store-Bought frosting: I think adding orange juice would make it too liquid-y. Add some orange zest and that should do the trick!
Tip: Add a fake orange candy on the top of your cupcake, or jut sprinkle some orange zest on top to make it look pretty. Hope that helps!