We present a technique for generating light in an arbitrary polarization state. The technique is based on interference of two orthogonally polarized light beams, whose amplitudes and phases are controlled with a Mach-Zehnder inteferometer with acousto-optic modulators (AOMs) placed in each arm. We demonstrate that via control over amplitudes, phases, and frequencies of acoustic waves driving the AOMs, any polarization state can be synthesized. In particular, we demonstrate generation of linearly polarized light, whose polarization plane continuously rotates at a rate from 1 kHz to 1 MHz. Such light finds applications in science (e.g., investigations of Bloch-Siegert effect) and technology (optically pumped magnetometers).