Yep but only for webkits
Interesting is also:
http://www.hongkiat.com/blog/css-masking/
.backgroundclip h1 {
-webkit-text-fill-color: transparent;
-webkit-background-clip: text;
background: url(http://bit.ly/1hRsB2d) no-repeat;
}
h1 {
color: red;
}
Demo (as is in comment) on:
http://css-tricks.com/examples/ImageUnderText/