Not the real time (background protection) scanner which can only be limited to Programs and Documents rather than all files. Go to SecurityCenter > Virus and Spyware Protection > Real Time Scanning > Settings. You can customize a manual or "Custom" scan (same spot.but look for 'Scan your PC > Run a Custom Scan). Turn off the scheduled scanning if you wish to use only the manual scan.
Only the Enterprise or Business products have total control of which files to ignore.
If something is being wrongly identified as an infection you can submit it for clearance. See - https://community.mcafee.com/thread/2016
You can also exclude files and folders on sceduled scans as well as custom scans but not a general *.jpg more whole folders or individual files.