Yes,
displacement maps will do exactly this.
There's a very old veg around that creates a burning tree, the tree is a still, the rest uses gen media and displacement maps to creat the flames and the shimmer on the tree.

It's obviously on this very site somewhere but how to find all these resources. Come on SCS, make this easier!

Anyway if you'd like to drop me an email I'll email you back the project unless someone else can chime in with a direct link to the .veg.

Bob.