yes it is posible.

set img id for the image in your html, e.g: Image1
<img id="Image1" src="pic01.jpg" width="100" height="100" alt="" />

lets say you have a button, when click on it, it swap Image1 to pic02.jpg

on(press){
getURL("javascript:MM_swapImage('Image1','','pic02.jpg',1)")
}

and another button, when click on it, restore original image,

on(press){
getURL("javascript:MM_swapImgRestore()")
}

and the most important thing, add script below in your html head tag



<script type="text/JavaScript">
<!--
function MM_preloadImages() { //v3.0
var d=document; if(d.images){ if(!d.MM_p) d.MM_p=new Array();
var i,j=d.MM_p.length,a=MM_preloadImages.arguments; for(i=0; i<a.length;
i++)
if (a[i].indexOf("#")!=0){ d.MM_p[j]=new Image; d.MM_p[j++].src=a[i];}}
}

function MM_swapImgRestore() { //v3.0
var i,x,a=document.MM_sr; for(i=0;a&&i<a.length&&(x=a[i])&&x.oSrc;i++)
x.src=x.oSrc;
}

function MM_findObj(n, d) { //v4.01
var p,i,x; if(!d) d=document;
if((p=n.indexOf("?"))>0&&parent.frames.length) {
d=parent.frames[n.substring(p+1)].document; n=n.substring(0,p);}
if(!(x=d[n])&&d.all) x=d.all[n]; for (i=0;!x&&i<d.forms.length;i++)
x=d.forms[i][n];
for(i=0;!x&&d.layers&&i<d.layers.length;i++)
x=MM_findObj(n,d.layers[i].document);
if(!x && d.getElementById) x=d.getElementById(n); return x;
}

function MM_swapImage() { //v3.0
var i,j=0,x,a=MM_swapImage.arguments; document.MM_sr=new Array;
for(i=0;i<(a.length-2);i+=3)
if ((x=MM_findObj(a[i]))!=null){document.MM_sr[j++]=x; if(!x.oSrc)
x.oSrc=x.src; x.src=a[i+2];}
}
//-->
</script>

because of flash player security setting, you cant test it on local computer,