yup, its possible not even that hard.
I did write it down somewhere, even posted.
Got to look
Edit,
Grrrr, cant find it.
This is how to recolor a cc object.
*Open Simpe
*start object workshop
*choose open(surf to the object that you want to recolor, prolly located somewhere in your download folder)
*at the task box select recolor(instead of clone)
*click next
Simpe will lookup all files and create a new package, then a popup window comes up, save this package in your downloadfolder.(name it like the original object with a recol addon.....)
You are now viewing your new recolor package in Simpe, it contains a MMat/txmt and a txtr file.
* click the txtr file in the right window(resource list).
You now should be able to view the actual textures in the bottom window.(in plugin view that is.)
*right click the texture file and choose export
*save it on your comp
This extracted file(a png) you can edit with photoshop or a similar proggy.
When edited save it as png(24bit) again and open Simpe again.
The next thing is to import your new texture file in your package again.
However, using importing results often in quality loss so best way to import your new textr file is to use nvidia DDS tools.
Go here to read this tutorial by Beos that explains it all.
The tutorial uses skintone files as example but its the same for every txtr file.
http://www.insimenator.org/index.php/topic,11026.0.html