Maybe it's possible to parse that and apply that sort of bill most of the time, but I'd be surprised if it were possible to do so reliably (unless natural language processing becomes a solved problem) (or perhaps I'm overestimating the complexity of legislative language and converting legislation into a patch against existing law is not a hard problem).
The first step, however, could be to do revision control of bills, blind to references to existing law.
Representing bills as patches to current body of law is the endgame, but I think simple revision control of bills as they wind through the legislative process would add a lot of value and would be relatively straightforward.
http://en.wikipedia.org/wiki/Congressional_Research_Service
Conceivably, changes to the US code could be tracked in the same way that changes to a bill are tracked, and every bill could be introduced as a branch of the US Code (i.e. a patch on the trunk), and every vote on a bill would be a vote to merge that branch.