Depending on the complexity of the models, the routines to calculate this on the fly would probably cause too much slowdown in a real time situation. Especially if you have a large amount of explosions. You would also have to recalculate the uv coordinates and vertex normals etc.
It would be much more efficient to create and texture the mesh pieces in a modeller and then use these as particles.
It would be much more efficient to create and texture the mesh pieces in a modeller and then use these as particles.