Probably, but only at very early developmental stages. As far as I know this sort of technology is still in its infancy. Here's a neat talk that is sort of related to this question. http://www.ted.com/talks/lang/eng/craig_venter_is_on_the_verge_of_creating_synthetic_life.html
The C. Venter Institute has been playing with this idea for a while now, and has had some success transforming bacteria from one species to another.