Yes you can cover a single or block of statements with if, do, for, while etc etc.
Select a single or block of statements then press Alt + Shift + Z
You will see the below popup. Choose the appropriate option. Hit Enter
But you asking to cover a set of statements with method, for this you have to refractor the code.
Select a single or block of statements then press Shift + Alt + M
Then a dialog will appear, fill up the details and click on OK button.