Possible: Yes.
Will they look good? Probably not.
It depends what type of pictures you want to take.
To import handwritten notes, bills, etc. it may be enough. But for photography the camera is definitely not up-to-date.
Again, what type of videos do you plan on shooting? Do they involve sport, animals? I could imagine them to be blurry if a lot of movement is involved. Yes, I have seen the iMovie sample with the girl jumping in the river, but I am tempted to say if was shot with a normal video camera, same as the FaceTime pictures don't seem realistic for a VGA camera.