Yes it is possible:
1.Make sure your .skin file has the same name as your .md3 file
Let's say i make a saber called psyko.md3, the .skin file will be named psyko.skin and contain the name of the model followed by the texture path like this:
2.saber_w is the default name given to your object in 3d max (check the name in md3viewer)
place the .skin and texture in the model's path, in this case:
3.Load the model into md3view and import the skin (go to file then import skin), then write a .md3 with the new skin applied.
The other way would be to manually edit the .md3, which i dont recommend unless you know what you are doing.