Well, yes and no. The problem is nanotechnology is not even remotely where it needs to be for this to happen. I think the key to start would be to create a wirelessly controlled device that takes in sunlight, converts UV to IR, and morphs a variety of shades of melaninic(?) colors. Then work to get it smaller, and smaller and smaller. My concern is that in order to get a sufficient outward facing cluster of cells that performed this action, you might as well just replace skin-cells with fully programmable nanobots, right?

Given the state of software today, I will be far gone before people will allow such a concentration of nanotech in their bodies. At that point, how much of us will truly be human? (Insert Singularity commentary here)

But I think you raise a good point. I wonder if the answer is actually some sort of intelligent, nanofiber, shrink-wrap that is essentially clothing that goes OVER the skin still allowing it to breath, grow, die and shed but adds a little "oomph" like cloaking, feature morphing, and the aforementioned skin/hair color changes.