Yes this is possible. The easiest way is to mask everything but the hole. THen go to Object -> Create -> Object: Copy Selection. This will make a duplicate copy of the masked area. If you have Draw open, you can just drag the object in there.
If all of this doesn't work for you, you can open the image in Draw, Right Click the image, and edit bitmap - this brings up a Paint window with the image in it. Depending on the version, you can just mask the area you want to show, then close out of the paint window. It will ask you if you want to save the bitmap, hit Yes. Now back in draw, the image is returned, and only the masked portion will show up.
HTH,
If you need more specifics, let me know.
Russell
