Kombi,
Sleeving a barrel means to bore out a barrel with worn or damaged rifling/chamber to accept a new rifled insert. The insert is usually soft soldered, but rimfire sleeves can be epoxied in place. You get a new bore and chamber but retain the old barrel contour and markings.
Sleeving was commonly done to rimfire barrels or to obtain a shootable firearm when the ammunition is obsolete or prohibitively expensive. The various obsolete .22, .25, .32, .44 rimfires of the 1800's leaves orphans that can not be fired unless the barrels are converted. This is not commonly done because of cost factors.
Large caliber rifles can be sleeved to smaller calibers. The limitation is a thick enough sleeve to machine easily, and provide sufficient chamber thickness for safety. Old barrel thickness must be enough to support the sleeve.
High power centerfire barrels are rarely sleeved to original caliber for safety reasons. Some Spanish arsenals sleeved 7x57 Mausers back to their orginal caliber, but that was an exception. Some Civil War blackpowder arms (Sharps, Springfield Armory, etc) were sleeved to accept smaller cartridges during the muzzleoading to cartridge transition era. Generally, this was done when man/machine labor was relatively inexpensive decades ago.
If you are asking about reboring (re-machining new rifling into an old barrel), then yes, the new caliber is limited by the amount of material that has to be removed to get fresh rifling grooves. You usually have to go at least one caliber larger to get this.
HTH
John