Images on .96" display SPI Serial LCD

Hi,
I've my Arduino UNO and a display like this:

Display on E-bay

Is it possible show a simple image from a file on a SD memory?

I mean a simplified version of a jpg file.

Im looking for a result like the early color cellphone was. It's for a little slideshow of cartoon character, so I don't need so accurate results in color, but I really hope is possible download and convert the files from the web, perhaps with Photoshop.

Thank you all!