In cases where you can make an ensemble of multiple instances of the same random function, sure. The classical example is using a bunch of noisy MOSFETs to measure a quiet resistor, by (as you say) cross-correlating their outputs pairwise and averaging the result. MOSFETs don't have any low frequency current noise to speak of, so the measurements are independent. Given enough time, you can make a good measurement measure maybe 20 dB below the FET noise floor.
However, the case under discussion is a single instance, where there's no way to distinguish signal from noise once they're mixed together. (Of course if I'm wrong about that, and you find a good general method, you can make your fortune.)
Cheers
Phil Hobbs