The pdfinlimg package and perl script allow to include ("binary") images directly into the LaTeX source code via the \pdfliteral command.
For example,
\documentclass[margin=1cm]{standalone}
\newcommand{\pdfinlimg}[5]{
\makebox[#1cm][l]{\immediate\pdfliteral{
q
#3 0 0 #4 0 0 cm
#1 0 0 #2 0 0 cm
0.885 0 0 0.885 0 0 cm
BI
/W #3
/H #4
/CS /RGB
/BPC 8
/F [ /AHx /Fl ]
ID
#5>
EI
Q
}\vbox to #2cm{}}
}
\begin{document}
\pdfinlimg{1}{1}{48}{48}{
789CED973D68625918866108290649B1488A41A658C216214C112E1641A6182445901483A40821C5
202982A4089222488A202944528858C8C562902D06994AA6089262B8A4089262902D069962912D16
AB45B60887619F73BFEBF1EAD59098728597C3F5CBF979CFFBFD9DA89F4ACD31C71C73CCF10834BE
344AC552E1B200F4477EF0F1740BA87FAA3F878C73E3A43EA4621BB1D886158B5A56D41A7E449F6C
09FF125E7BB3363BA57B95D84AC4DEC632C719F5A3AEBE3F0F7FD4ACD59585170BE1E570E77B6736
3E28933B4FF76E6D05EE6C75D554D5BE878FBDE1F7448BFC6464D59DDEA1FB25175F8FA0925DB1D9
7C363E858BB4ECA6B7FDD45115A5CA4A8FE6E3B4A34E3A9E25DF53C7ED91BF0256B1F6D6EEDF9412
EB91D05268463E3F7D7C00373547F8F1BEA9B61A1E01C86CD6C70903D6DE797CD0A7542ECDEC2FCD
E7BAE16D7BD456515B15FBDE4113E90561265FD59FE52FA3CFD7A6B7E1454F1DB6C7AF5F1EA0A272
DB39EBB5055AA72D6D292AB5EFE85532FFAA9E7CBB46489371C9F7C9C4768231BE197F6CC605F5A9
041CE143E3A891DA4AE9045FB720D63C6E6A3EBB4D75D6F5E65F37D23B71E267E5B71532776F778F
117A7C3C32E346F409467265A80C401676263670075522114D74CE3B23CCAF1B99DDF8C2E2C2CAAF
2B9993945DB5D38769F82054FB5BFBC9FA4C2443F4CAF5CB1E1FC808A5F4513AB214198934978FC4
331300C556F3D94AB4EE5A7228ED207D90C66EC09EF5CFF5117D82FE3247104E83F0F0EB03E80EEC
1C5F8D0F11B5F676925457E10C5207A9317D58C5A1125D1AAE43DD3298E34FF177F1D2656618CF02
04294E889F317D18D98106B1B6AA417166C44186B0D6C7E5C371B5DF6B860F4B186B1F6B8039126F
181909033B9F19D1073E1BB6A634965F017DFCE7FA49FA476E0D1F89A8EE9F5DCD275FD096170B22
88804843551C0DB7EC41425757FFE9F9FE4894EE3BAD8DC2DA2B7D77BDD6C7C49C1B2469FE943DCB
465EBB45A96AC3874022F038578C1ACB61BEF1D4DEFE5EE86528FB21E1E9435338EF8DC74F591749
67B3C48DB2A759EFA0AACDC38020445EF9392257D5EEFCE8401E674998455E0DF900729F0285D100
01F135E1C487E623FABCABEB62E2CFF1814ACE89039FCC49C69CDBBC6EF2EC9156E5970277702E22
705F2AA1F04101A0F90C8A76FF9FBE0E9EAA2D23C1234ED4B73E480CF37D62CA0FF8A08F5183EB60
818F3F60B0247792B98B9CEC6CF88CE91344EBB6C565C97D1C5738F7E5BB3F6C0869DAA8DBCB8C3E
AD8ADD75513ACB12817EC50016C8F053FE54BFC831B37359B0449FCA543EA0F7770F2FE3475D7F6E
EADE4B83483EED7842114B7476F8F8F469B3A78B46C52641A81E42061ABA74B8DF5246F05DCB9DD9
E7A7F1D7E3DF1BB7EE7BE358FAFB7855A47B528AC90BA758EA974B7D970F118BBF600519E90B7C00
68F34D30EBC915DB394A5B4B21CF5F0F37FDFBD1F7CF4D4D7D76C693BD32DEBF4C3A43CF04611092
5C784D7E3E103FF0E73AEC061036B91DCF1D26953C59A144AE114E8C01348B99D44E5C97D04171E6
D06920D1886D04D4CF8F758BDA328D0FC985DF054C238428F54E256350CFA74A47F18988BDD199C2
AD75C41E67389124A219713589613EF49BC74D76620632A40CAA36AF9A529F83A04D20110D45DA07
0B1F90FDB958D47D81B3C89D6961031F2E423523F6206FD6A295DC4E1E78682E35D63F5AEE638CDC
61A6143124C2825D1B0FD3BA07BD0C89CB242AF06CFFDFFE03614C6B932ACD5AF977098B1616CB72
588C08AE15FEAB0BA80CE643773DB7DD30997399C989B8438CDA418B5E91344BC0C3394E6995022E
BD0C7F2117948C8591D0A24305D722BE9C6B66C21029FC46B67AD27B1EF5A46B18F058C2BF7E8B18
272E77BE3A6333694688E9B798F7DED310BCC2FD14FBB4B5F7B32E9F638E39E6F8DFE33FDD12CF75
}
\end{document}
produces

via pdflatex.
Is something similar possible with PDF files instead of raster images, i.e. can I copy the (somehow encoded) PDF source code into my LaTeX file such that it is embedded like it would be if I used \includegraphicswith a regular file?
EDIT: Consider the following simple and uncompressed PDF
%PDF-1.4
%¿÷¢þ
1 0 obj
<< /Pages 3 0 R /Type /Catalog >>
endobj
2 0 obj
<< /Creator (cairo 1.10.2 \(http://cairographics.org\)) /Producer (cairo 1.10.2 \(http://cairographics.org\)) >>
endobj
3 0 obj
<< /Count 1 /Kids [ 4 0 R ] /Type /Pages >>
endobj
4 0 obj
<< /Contents 5 0 R /Group << /CS /DeviceRGB /S /Transparency /Type /Group >> /MediaBox [ 0 0 32.078125 30.984375 ] /Parent 3 0 R /Resources 6 0 R /Type /Page >>
endobj
5 0 obj
<< /Length 69 >>
stream
q
Q q
q
1 0 0 1 -0.000000000000000184 -0.015625 cm
/a0 gs /x5 Do
Q
Q
endstream
endobj
6 0 obj
<< /ExtGState << /a0 << /CA 1 /ca 1 >> >> /XObject << /x5 7 0 R >> >>
endobj
7 0 obj
<< /BBox [ 0 0 33 31 ] /Group << /CS /DeviceRGB /S /Transparency /Type /Group >> /Resources 8 0 R /Subtype /Form /Type /XObject /Length 590 >>
stream
q
0 0 0 rg /a0 gs
28.938 30.203 m 16.031 7.781 l 3.141 30.203 l 2.828 30.656 2.234 31
1.641 31 c 0.844 31 0 30.406 0 29.547 c 0 1.516 l 0 0.656 0.734 0.016
1.641 0.016 c 2.578 0.016 3.281 0.656 3.281 1.516 c 3.281 23.375 l
7.062 16.844 10.797 10.328 14.547 3.797 c 14.797 3.297 15.391 3 16.031
3 c 16.734 3 17.125 3.406 17.531 3.797 c 21.266 10.328 25 16.844 28.781
23.375 c 28.781 1.516 l 28.781 0.656 29.484 0.016 30.438 0.016 c 31.328
0.016 32.078 0.656 32.078 1.516 c 32.078 29.5 l 32.078 30.344 31.234 31
30.438 31 c 29.828 31 29.234 30.75 28.938 30.203 c h
28.938 30.203 m f
Q
endstream
endobj
8 0 obj
<< /ExtGState << /a0 << /CA 1 /ca 1 >> >> >>
endobj
xref
0 9
0000000000 65535 f
0000000015 00000 n
0000000064 00000 n
0000000192 00000 n
0000000251 00000 n
0000000427 00000 n
0000000545 00000 n
0000000630 00000 n
0000001395 00000 n
trailer << /Info 2 0 R /Root 1 0 R /Size 9 /ID [<28d7524294bb60d1f3e318954d8f7b36><28d7524294bb60d1f3e318954d8f7b36>] >>
startxref
1455
%%EOF
showing the letter M of the METAPOST logo:

How could I include the drawing instructions into my LaTeX code?

stream...endstreamof a PDF page object. But be aware that the content may depend on resources which are stored as additional PDF objects. They would need to be re-created in your document. The dependencies are listed in the\Resourcesdictionary of the page object. – AlexG Apr 29 '14 at 15:25