According to Will Fisher of Quicksilver Inc, The engine will handle specular maps and limited texture animations for models done in the same fashion as Plasma Torpedo, Disruptor and Photon Torpedo style, however these features were not made active at any point in the games release. If activated via editing the source code or the sprites.q3 file ... (not sure which, although in his response we were discussing the sprites.q3 file) ... then it would be possible to do animations such as blinking running lights and spinning bussard collectors and the ability to do shiny surfaces and, according to Bill, transparency effects as well..
The long answer is yes, eventually we will be able to do such things, providing there is enough interest among those who dabble in code to unlock a way for the rest of us to do it.
The short answer is nope, not currently.
JM.