Hmmm... I don't know, I wouldn't think so. Only because, once you reach a certain point in a combo, each hit does progressively less and less damage until it does none.
I'll do a combo with Scorpion in Hapkido that starts with a 4 hit pop-up combo, another pop-up kick to keep 'em in the air, and then ends with another 4 hit combo that finishes by knocking them across the room. That's 9 hits in all (10 if I start with a spear), and by the time I reach the last hit, I'm pretty much doing no damage.
So, unless there's some sort of glitch to get around that, I don't really think it's possible. Not to say that I'm right, though.