Back when they had a preview of what could be in CS6 there was a video where they had 5 layers, one the back ground then the remain 4 were like match sticks, arrange to overlap each other to form a square or tic tac toe board. Where you can then create woven layers.
Is it possible to do this yet?
As far as I know, that is something that is under development and not part of PS yet. Only way to do that currently is with layer mask.