Hi Aerilius,
Indeed it is possible (just do not forget NOT to select to merge coplanar faces when combining faces). There is a topic somewhere (I thought in the Newbie dept but cannot find it there) which deals with exactly this way of combining the textures.
DerMaister,
Please, do not embed images from http://xmages.net/.
It has been reported to be a website with malicious content and indeed it also shows like that in my browser.
[image: k1n7_malsite.png]
Please, either attach your images straight to your posts here or use another site to store them.