No, the pyramid file format, *.rrd, is not a supported raster data format. Pyramids files are stored internally for MrSID images. When checking out a MrSID image from ArcMap to ArcPad via Get Data for ArcPad 7 tool, the *.rrd file is not checked out since the pyramids are already created within the image.
ArcPad version 7 is designed for maximum speed with minimal memory usage. For example, ArcPad does unpack enough of the JPEG2000 file to render the current map extent.
* Memory Usage varies with physical layout. It is highly recommend to use TIFF files that have RowsPerStrip = 1, although not all TIFF compression software guarantee this.
The above table is a rough guide. It is recommended to run performance tests on datasets to evaluate the best format suitable for your application, although ESRI recommends the TIFF format.