Yes.
1) In the Solution Explorer pane, open the Properties branch of your project.
2) Double click "Resources.resx"
3) In the "Resources.resx" tab in you main window, you will see a toolbar - click on the drop down beside "Add Resource" and select "Add Existing File".
4) Browse to the image source, and open it. This will add the file to your resources. Save and close "Resources.resx".
5) Open the "Resources" branch of your project in the Solution Explorer pane. Highlight the new image, and look at the "Properties" pane.
6) Change the "Build Action" from "none" to "Embedded Resource"
You can now access the image via:
myPictureBox.Image = Properties.Resources.MyImageName;
So if your file is called "PictureOfAnEagle.jpg":
myPictureBox.Image = Properties.Resources.PictureOfAnEagle;