I do not think so.
I darkened the area on the left, which made it a bit better, but the horse looks almost transparent.
In order to fully restore it you would need a time machine to go back and take it again. There's probably one online, just google free time machine.
Or, you could redraw it, which would be the most awful thing in the universe. It's like taking a black and white image and attempting to add color...
http://i283.photobucket.com/albums/kk293/himself22/Untitled.jpg
See? It still doesn't fit. You can't really tell the difference between the top of the horse head and the sky. Just try selecting the left part of the image and use some filters in adjustments like hue/saturation and brightness/contrast.
I'm sure someone else here has better ideas than just a time machine...