No.
But try this:
* Open a photo in Camera Raw.
* Go FILE>PLACE and navigate to another Raw file.
* Click "Open" and it will appear as a new layer in your first document.
* Make a layer mask and use the paint brush to reveal/hide elements from the image beneath. You can resize the "placed" image time and time again without degradation whilst it’s still a "smart object".
And if you think that’s cool. Try this:
You’ve got an image which has very bright highlights and very dark shadows and you just know your not going to get detail in both highlights and shadows.
Wrong!
* open it in Camera Raw and adjust the Shadow and Exposure sliders to produce and image which, although dark, shows detail in the brightest highlights. Click "Open".
* Go FILE>PLACE and navigate to the very same Raw file.
* Open it in ACR and readjust the Shadow and Highlight sliders to brighten the image enough to show detail in the shadow areas. Click "Open".
* create a layer mask on the new layer and, with a soft brush at 50% opacity, "paint" away the burned-out highlight areas to reveal the detailed highlight areas from the layer below.
This is a simple way of extending the dynamic range of the image way beyond that of a "straight" version.
You could even experiment by creating a highlight mask by Ctrl-clicking the Layers Palette thumbnail of the top layer, before creating the mask. This will automatically mask off the over-exposed highlight areas prior to any adjustments you might make with the paint brush.
Have fun
Chris.
