Yes it is. But this requires ASPJpeg, ASPImage, csImage or any other image management component installed on server.
If none of these components are installed on server than you may use ASP.net, which provides a very easy way to do this.
In case you are developing website in Classic ASP and your server has ASP.net installed, than you can redirect from ASP page to ASPX page to update the image and than redirect back to your ASP page.
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