Well, apart from the fact that you can't do anything with the file until it has been uploaded, the answer is yes.
Before doing anything with the uploaded file, check that is was indeed uploaded (see [man]is_uploaded_file[/man]).
If it is an uploaded file, use [man]getimagesize[/man] to see if it needs resizing. If it doesn't you can just use [man]move_uploaded_file[/man] to put it where it should be (or even just [man]copy[/man], seeing as you've already checked that it was uploaded).
If it does need resizing then use the supplied image manipulation tools to read the uploaded file, generate the resized image, and save the result to where it should be.