No.

Contributions to a 529 plan are subjected to the annual gift tax exclusion ($13,000 per parent per child in 2009). So if you contribute the maximum amount to a 529 plan, you will have used up the annual gift tax exclusion and any further contributions will be subjected to gift taxes.

One possible way around this is to take advantage of the five-year gift tax averaging feature of 529 plans. But if you contribute $13,000 to be averaged over five years, than means $2,600 would be counted toward the current year's gift tax limit, meaning that you could give a direct cash gift of no more than $10,400 to the child directly.

The bottom line is you can't double dip.