it might be possible but that sounds very very ugly in so many ways.... I really wonder what it is that you want to have in the end?
are you wanting the Win32 app to have a screen that has things that are drawn by WPF ??
if so you could host a WPF controll inside a WIn32 form and that would be much simpler and cleaner to do.
what tech is showing the screen, WIn32/GDI or Win32/WPF?
you can host GDI controls in a WPF form
or
you can host WPF controls in a GDI form
each of them will work and not need you to hack up framebuffer captures.
also I think that grabbing framebuffers could be difficult for new versions of windows later, the app might not work.
also it might have some probems with the DirectX stack installed on a given users pc and / or with the hardware they have ....
I can see a lot of ways this could be very unstable and buggy on some users pc's
too many details that could break... may not be a big deal today for a small number of users but....