You can trace all transactions, so you would be able to identify where the thieves sent the stolen coins, but attempting to track stolen coins in general doesn't work (the value of a wallet is a quantity, so you cannot distinguish between stolen and unstolen coins once they're in the same wallet/tumbler/etc).

I did like the jokey idea someone had a little while back of putting a (very) small wallet on servers and watching the blockchain for transactions therefrom as an intrusion detection system.

I was thinking more along the lines of wallet.dat crafted in a way that when placed in the dir of Bitcoin-qt for example will exploit it's flaws to take over the machine running Bitcoin-qt.