Any !important can be overridden by another !important, the normal CSS precedence rules still apply.
Example:
#an-element{
background: #F00 !important;
}
#an-element{
background: #0F0 !important; //Makes #an-element green
}
Then you could add a style attribute (using JavaScript/jQuery) to override the CSS
$(function () {
$("#an-element").attr('style', 'background: #00F !important;');
//Makes #an-element blue
});
See the result here