Yes its possible, but its a pretty contrived process.
There's a ton of stuff you have to take into account on every little thing you do. Stuff like reading from the gpu, relative coordinates, no existing menu system, and canvas...has a few issues.
It's even possible to do some layer modes, but its not possible to add them on the fly.
Same goes for the particles object, it will paste into the canvas, but you cant change the texture during runtime.