Yes and No. There is no built in facility for this in Acrobat. It can sort of be done with some scripting, it's easier in LiveCycle than in AcroForms because LiveCycle has great features to connecting to external data sources, but you'll have to spend some time learning the scripting environment.
Thom Parker
The source for PDF Scripting Info
www.pdfscripting.com
Very Important - How to Debug Your Script