A Less Flippant Answer...
I assume you're talking Quake 1. I would say no, as liquid textures are always fullbright and cannot be animated in the way that you want. The only other way to simulate this would be to make a series of normal texture frames, and label them like +0_matrix, +1_matrix, +2_matrix...etc. If you avoid fullbrights on these textures, then they would be lightmapped properly, and animate (although it's very jerky - see the computer screens in E1M1 for an example).
Either way, I think it would look sucky in the Quake engine, and totally out of place, unless you're making some kind of Matrix TC, as Blitz said.
Btw, in future, post any mapping-related questions here: