So is it possible to make this work
#element img:hover #otherelement {...}
like
#element:hover #otherelement {...}
You can use the :hover pseudo class on any element. There are considerations to be made in regards to cross-browser. You can use a polyfill like Selectivizr for that, though.
As for your question, you might want to consider targeting a shared ancestor for both elements you are trying to target with the hover and apply your styles that way.