In theory, yes. The reality is that the companies that specialise in "snapping" dropped names have systems optimised to register names that are dropped much quicker than you could do at the average registrar. They use automated systems that monitor the domain name system (depending on the extension) at the precise times that the name databases are updated to include newly available domain names.
The average registrar may only query the list of newly available domains at a far less timely interval which will significantly reduce your chances of acquiring the name. This is why the "drop" services charge quite a bit more to attempt to register the newly dropped name for you.
Cheers,
Rob