Hi Srikanth,
No, this is not possible because object existance and object's Enabled state are completely different entities. For example, the Next button can exist but be disabled until the 'Accept EULA' check box is 'ticked' (this is an implementation of almost any installer). That is why I see no reason to combine these two verifications into one action on the tool's level.
If the logic of your application often needs to wait for some object to appear and then wait until the appeared object becomes enabled you can create a function that implements these actions (with optional necessary intermediate verifications) and call this function when required.
Consider implementing this function as a custom script extension checkpoint (see the relevant help topic for more details) if you like to insert the call to this function when recording the script.
