Not really; there’s no distortion mapping capabilities in Hype that would be required to do this as HTML5/CSS3 does not provide for this ability. Technologically, it could be hacked together by slicing up an image or one could use a
<canvas> with their own rendering code. Frame-by-frame would really only work if you pre-rendered (or used a movie for that matter). Hype v4 does have shape morphing that might give some results for just the shape, but won’t distort a background image to fit the shape.
There’s some discussion and it looks like attempts on this Stack Overflow answer.