If you mean viewing pictures in console mode (i.e. in runlevel 3, without X running), then yes, it can be done. You need to enable console framebuffer support in your kernel, which will allow you to set your console in 8, 16, or 24-bit color and to view graphics in console mode. You can use the fbi program for that: http://linux.bytesex.org/fbida/
I use that all the time when I'm in console mode, it's very nice. In fact, if you have a TV tuner card you can even watch TV in console mode, using fbtv: http://linux.bytesex.org/xawtv/
I wrote up a little quasi-HOWTO for enabling console framebuffer support a while ago here, do a search on my name and "framebuffer" and you'll probably find it. Worst case you may be able to just do "modprobe vga16fb" and get a basic framebuffer, then use fbset (yum install fbset) to configure it. I use the radeon framebuffer (radeonfb) at 1024x768 in 8-bit color (note that this is completely separate from X, it has no effect on that).