no.
well yes, with some creativity you can always, overcome obsticles,
but the way the mpc using 16leves for pitch and stuff isnt standard midi stuff and doesnt get transmitted back correctly.
back to yes, lets say it was a bassline and you used 16levels to pitch to make the notes in the bassline. i would (i use nuendo but cubase, same difference) solo the bass track on the mpc and record that (audio) into cubase. synced up of course and at the right tempo. leave an empty bar at the front of the song always for the sync up to get solid.
now you will have an audio track of your bassline from the mpc in your cubase. add fx or compression or eq or whatever you like.
now unsolo, then mute the bass track on the mpc, and you are all set. just hit play in cubase and you have worked around the problem. the bassline audio track you recorded into cubase plays along with your beats and all stuff on the mpc via sync.
use the same proceedure to track your drum tracks from the mpc into individual tracks in cubase for individual processing when you get to the point of recording the track to put on cd or whatever.
edit: actually i meant mute the bass track in cubase or the mpc depending on where you are playing the midi data from at that point.
also, what version of cubase are you using? just curious, i heard sx was the bomb.