Nope. Once you bring in that compressed media, you are going to have to compress it again for delivery, so that’s like a second generation loss. Depending on how it was compressed the first time the results will be better or worse. For Example if it was compressed to MPEG-2 and then recompressed to MPEG-2 again, it wouldn’t be as bad as a 320 x 240 web video.
I’d suggest rendering your original compressed file as an Animation Quicktime or something else lossless and use that in AE and archive it so you can go back to it again in the future without having to go through a 3rd generation loss.
Now that said, if your original clip is a commercial or something and you just want to play the entire clip, you might be able to use some scripting for Quicktime or WIndows Media to make it link to the original clip from your new stuff. Check out the web forums here if you need help with that.