Theoretically possible; but not generally practical.
There have been a few instances, usually where two cameras from the same manufacturer were distinguished mostly by software and price, that enterprising geeks were able to unlock extra features on the cheaper model. That sort of thing is rather dependent on having the more featureful; but otherwise quite similar camera to work with and/or the firmware being hacked having just a few simple feature disable switches.
In general, though, cameras are usually treated as black boxes.