msfencode with 3rd binaries?

[richard.k.miles at googlemail.com (Richard Miles)]

Hi,

The msfencode is very nice, it do a good work with metasploit
payloads, it make the payload undetected by some AVs, I know that some
detect, but for me it works better than UPX packer.

I would love to know if there is a way to apply the msfencode to a 3rd
binary. Suppose I have a windows PE file and I would like to use
msfencode magic in it to make it undetectable. Is is possible?

All suggestions are welcome.

Thank you