Not in an easy and meaningful way.
I have heard of people importing their image tiles as pushpin images, and then plotting these across the map area. This should work but the tile sizes will be scale invariant. Ie. the image will be messed up as you zoom in or out.
A more complex method is to use MapPoint in an ActiveX control and intercept all zoom/pan messages. Then use these to determine the current view area and projection. Then using Win32 GDI+ calls you should be able to overlay an image over the area of the ActiveX control (use alpha to set transparency). That is theory - it would take quite a bit of experimentation to get it to work, and it is probably easier to use an alternative implementation (or even an open source viewer).