No. Panda cloud is a standalone av product and it is not recomanded to have 2 av products with proactive security installed on your computer. If you want something like that (2 av's at a time) you can try Immunet or Threat Fire. http://blog.cloudantivirus.com/2010/06/03/panda-cloud-antivirus-pro/
New features and changelog:
Behavioural blocking. Proactive, signature-less, protection against malicious actions typically used by malware. Generic blocking of malicious PDF/DOC/XLS/PPT/WMV/etc. droppers. Compatible with both 32 and 64bit Operating Systems.
Behavioural analysis (PRO only). Runtime analysis and blocking of running processes. Compatible with 32bits Operating Systems as well as for 32bit processes under 64bit systems.
Advanced configuration. Ability to turn on/off and tweak the behaviour of the different engines, cloud responses, advanced logging, recycle bin settings, exclusions, etc.
Self-protection of the AV processes and configurations.
Re-do detections that were previously un-done so that they are detected again.
Automatic upgrades (PRO only) to new engine versions and new features automatically and transparently.
Improved offline protection. Default deactivation of Windows Autorun.
USB vaccination (PRO only) Automatic vaccination of USB memory keys and hard drives.
Ability to run alongside other AVs and Anti-Spyware. Can now be run alongside other security tools and scanners.
Full scan option. Added option to run a full PC scan easily.