Yes.
The bounding box can be drawn by the ImageViewerControl using the SetOverlay or the ShapesOverlayAdd methods. Can be used in live and in playback mode.
Notes..
The ImageViewerControl does not rely on the activeX but on other technology which enable the use of hardware acceleration. For now it is possible to revert to the activeX but this is expected to be removed in a future version.
ShapesOverlayAdd performs better than SetOverlay while relying on the newer component.
If you submit metadata containing bounding boxes the Smart Client will automatically display the bounding boxes. Explore the Bounding Box Metatdata Provider sample.
If you submit analytics events containing bounding boxes the Alarm Preview view-item in the Smart Client will automatically display the bounding boxes.
The Smart Client Overlay Graph plugin sample works with the ShapesOverlayAdd mehtod, and might be a good source of inspiration.
There is much to tell about ImageViewerControl and overlays, do not hesitate to ask new questions on the subject as you familiarize yourself with it.