I have been doing it that way since I started AG. I have done quite a few things backasswards since going the AG route, and this is one that I would not recommend. As a matter of fact, I still dont have one and am likely not going to be getting one in the recent future b/c I just dumped a bunch of money into kegs, regulators, distributors, chest freezer etc etc...and am going on a cruise next week. So, SWMBO is not likely to let me spend $ on a chiller, even if it is only $40.
Anyway, to the question at hand. It can be done, and it can be done quite well depending on how you attack it. I normally go to the gas station and buy two twenty pound bags of ice and put them in a tub with maybe a gallon of water. Put the kettle into the ice and stir every couple of minutes. Usually has it cool in 15 minutes, but the cold break is very weak.
Then, you are going to have nights like last night, when you don't feel like going to the gas station so you use whatever ice is in your freezer, put it in the ice/water bath, go to your inlaws for a couple of hours and return home to find out that that wasn't enough and two hours after boiling your wort is sitting @ 115 degrees and you have no more ice...great.
Long story short, can it be done...yes of course it can. Should it be done...most likely not.