I would say yes although I never tried.
Look at the following article
http://wireless.java.sun.com/midp/articles/smartticket In the second half of the article, they show how to retrieve a movie poster preview from a web server. It should be possible to retrieve many images from the web server and display them rapidly enough to make it look like a movie. BUT I have strong doubts concerning the bandwidth issues. Will your device be able to retrieve the images from the web server rapidly enough and display them smoothly?
It's worth the try. Let us know.