Not directly, but yes.
1. Go to
http://www.imgur.com and upload your picture.
2. Once it's uploaded,
a. right-click it in the browser and click copy image URL/location
OR
b. view image, then copy the URL.
3. Paste that URL into the editor here, highlight the pasted URL, and click the Img button.
When you click the Preview button, you should see the image.
