Yes. As an artist I can tell you, yes it can be done, but the effect is not the best in many cases. Only expert artists can achieve a really good effect (Usually concept artists are the best as they used to work with photos or pre-rendered objects.).
The best example is the webcomics, Romantically Apocalyptic.
http://www.romanticallyapocalyptic.com
These panels are using various layers on the photos, but to achieve this the artist must be really good, just as Vitaly, the creator of RA.
Many people using Photoshop actions to achieve this or similar effect, but this method is not the best at all in my opinion as every photo is using different light setup, has different atmosphere, while the PS actions are calibrated only for one, predetermined light setup and atmosphere.