tendrías que especificar un poco mas...
pero si te refieres a algo asi:
INSERT INTO t2 (b, c)
VALUES ((SELECT a FROM t1 WHERE b='Chip'), 'shoulder'),
((SELECT a FROM t1 WHERE b='Chip'), 'old block'),
((SELECT a FROM t1 WHERE b='John'), 'toilet'),
((SELECT a FROM t1 WHERE b='John'), 'long,silver'),
((SELECT a FROM t1 WHERE b='John'), 'li''l');
si, se puede.
Fuentes:
http://dev.mysql.com/doc/refman/5.5/...ert.html#c6447