Yes, it is. If you have vice grips handy. Emergencies tend to happen 'just like that', you don't get to prepare ahead of time unless you want to accessorize your tungsten ring with a pair of vice grips in your pocket.
There are many emergencies where innocent bystanders won't have the tools or knowledge to extricate me. I would expect ambulance and/or fire brigade services to have such tools at the ready though, just as how they have the fancy hydraulic press-metal-apart-with-extreme-force tools to get people out of car wrecks.
