No. If you used a pen and signed an electronic form, we could get the image out of the field, but we can't do anything more than getting the image associated with the signature.
Out of the box it does not recognize handwriting. There are solutions (i.e. tablet PCs) that have handwriting recognition as part of the hardware and LiveCycle will work with that. That solution basically will interpret the handwriting then stuff the keyboard buffer (as if it was typed at the keyboard). From that point everything works the same as normal.