Yes it is...of sorts.
TRUE CAI is the cold Air Box method Will is talking about. You can still get a slight benefit though from a Ram Air setup or a Air Induction setup you're talking about. That'* what I've done. I ran a 3" HD Flex Tube down to my front Air Dam & modified my stock air box inlet to accomidate the tube. True Ram Air is when cold air is forced into the air intake tube by the vehicle'* movement. Cols Air Induction (CAI) is when colder outside air is used instead of the warmer engine bay air. So technically you CAN have both a CAI & Ram Air setups.