making animations by using one bmp/png image for each frame and scripting the stuff with lua: yes
so yes, it is possible and some weapons actually are animated using this method (mosquito, santa, hitler, osama, rat...) - they only have 2 frames but you can also script it to work with more images.
and especially for a car: just use seperate images for the wheels and draw them rotated. that's possible as well. you can do nearly everything thanks to lua...