Of course.
Velocity has access to all your Segmentations and Segments. So, for example with a Region Segmentation (when you choose the Segmentation in Velocity, it will start with "Segmentation") you could do:
#set( $regionalBackgrounds = {
"NE" : "apple.jpg",
"SE" : "orange.jpg",
"NW" : "coffee.jpg",
"SW" : "chili.jpg",
"*" : "fallback.jpg"
})
$display.alt($regionalBackgrounds[$lead.Segmentation_Region_1010],$regionalBackgrounds["*"])
This will output the image for their region, or if they have a region that isn't listed, it'll output the fallback image.
.png)