At this time and with the Oracle VM, this isn't possible.
But I agree, it would be a nice feature, especially since Java has all the information it needs to do that automatically.
Of the top of my hat, I think that the JIT is the only reason why this can't work: The JIT takes runtime behavior into account. So if app A uses some code in a different pattern than app B, that would result in different assembler code generated at runtime.
But then, the usual "pattern" is "how often is this code used." So if app A called some method very often and B didn't, they could still share the code because A has already paid the price for optimizing/compiling it.
What you can try is deploy several applications as WAR files into a single VM. But from my experience, that often causes problems with code that doesn't correctly clean up thread locals or shutdown hooks.
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