The answer is NO.
Look at the whole scenario this way: Most of the ad programs, like adsense, adbrite etc pay a publisher on the basis of Pay per click and Pay per impression model. The more the number of visitors to a blog/website means the more impressions and thus more clicks.
So, no wonder most of the ad programs don’t allow a publisher to put their ads on blogs/ sites submitted to Traffic exchangers.
Traffic Exchangers too don’t allow a user to add blogs/sites with ad programs on their exchanges.
So what should you do?
You should use Traffic exchangers for those blogs/sites that do not show ads.
The objective should be to spread the word, rather than making insignificant money thru TE traffic and risking your hard to get adsense account.
Article 1:Bloggers and small businesses ! -- A free account at some Traffic exchanger can increase your traffic
Article 2: Registered with the best traffic exchagers: What NEXT!
Article 3: Bringing in visitors to your Website
Article 4: Should I add my adsense ads showing site on TEs
Article 5: Recommenced Traffic Exchangers