Not really. Weirdly, "jpeg" is really the name of the compression and not the standard for the file format that bears the
.jpg name. There's various different container formats that can hold jpeg-compressed streams. The official one is JFIF, although by strict reading files containing EXIF data don't properly correspond to that spec. (Aren't standards awesome?) This format specifies a single frame of data. There's a new format called JPEG Multi-Picture Format which can hold multiple frames, but those can't be read by normal JPEG viewers (and are apparently normally labeled
However, regular JFIF/JPEG-EXIF files can use either a "standard" layout or a "progressive" one. In the progressive format, a lower-resolution stream is rendered first, and further data is filled in from later bitstreams in the file. It may be possible to abuse this such that the "overlay frame" is only in the final stream. But display of this would be strongly dependent on your viewer. On a fast system with the file cached, it'd basically all load at once.