Is this possible?

[Kidsphoenixx]

If one has a product that is made up of say, 3 or 4 components.......and each of these components has "variables" ( colour, size etc.)............would it be possible to have photos of all the different components, and the ability for someone to choose each component....and THEN have a picture/"mock up" of the finished product? I guess it's a bit like those programs where you can see what you look like with different hair colour/style etc.
Would it be a very complex/difficult thing to create this to work on a site?
I was talking with a friend and she mentioned it, and how she would love to be able to do it for their proposed site, so I told her I'd ask around.