No, actually, it will not do the job. .gif and .jpg have different compression codes. If you compress an image to .gif, then try to tell the computer it is compressed as a .jpg, it will not show up. (maybe a little too much info, but oh well).
@Evolution Racer - I can see adding .jpg images, but not .bmp. .bmp (bitmaps) are not compressed at all, and therefore take up about 10-15x (or more) the space that a .gif or .jpg file does. Jordan just needs to give the okay to add .jpg files.