Imagine if you split the sprite into its movable parts, use them as separate sprites (i.e. left arm sprite, head sprite, right arm sprite, etc.) connected at the joints. Then you could rotate/transform each of those parts independently.
That's what it'd look like. In other words, pretty crappy whenever you "pose" them, but better than nothing.
That's because the sprite's form is already fixed -- it's implied by the outlines and the shading. Even if you use it as a flat texture, the form is still being defined by the model's texture, and not the model itself. So when you pose it, it can look really awkward (like the character has broken arms or legs or something).
What you really want to do is create a 3D model whose form is based on the form implied by the sprite, then add textures based on the sprite's coloring and patterns.
That'll give you what you're really looking for, which is an easy way to generate lots of sprites just by posing a model.