Is it possible to create a display object using an image that is already in memory?

I am creating an app that repeatedly receives image content from a socket connection and display on screen.
But saving in disk and loading from disk is too slow. I am getting 2 fps doing this way.

How can I make it faster?

you can make your images invisible and then show them upon request
or is it not a good method for you?

the images cannot be preloaded since they are received dynamically from the socket.

I'm assuming that being able to make a copy of something (specifically, an image) already in memory is related to Blitting (Bit Block Transferring) which would at the very least require access to bitmap data (and of course, a way to modify and display that data as an image again)

Accessing bitmap data is currently on the roadmap (listed under "Your Requested Features"):
http://developer.anscamobile.com/resources/roadmap/

So going out on a limb, I'd say that this isn't possible yet.