I have Adobe Acrobat XI, and am running it on a Mac OS X 10.11.3
Not directly. You'll need to do it using a graphics editor.
What you can do is select the Edit Images and Text tool (under Tools - Content Editing) then right-click the image and select Edit With and then your desired application (like Photoshop, for example). The image will open in that application and then you finish working on it it will automatically update in the PDF.