Yes, you can steep some hops with your specialty malts. Doing so in an all-grain scenario is called First-Wort Hopping, in which you add hops to the initial wort as you start collecting the run-off. Steeping some hops at roughly 155F with the specialty grains would have similar effects. FWH results in more stable hop compounds and a smoother bitterness and hop flavors. Lots of people do that.
The bittering hops, and your malt extract, however, each need a full 60-minute boil to be accomplished. It is the boiling temps that extracts/creates bitterness by converting alpha acids to iso-alpha acids, and it is also boiling that accomplishes many things to the wort, and that requires a full 60-min rolling boil.