Definitely. The only thing that was really K2 specialized in that video was the skis with pre-drilled tip/tail holes. Here's a newer and way easier to follow video, with the special K2 shovel that has the bolts stashed inside of it.
http://youtube.com/watch?v=b2X-7TwsxQE
That video flows way nicer and one thing to note is how he ties the two poles together by interlocking their straps, and tying a saftey rope to one rescuer so that the injured skier on the sled doesnt go shooting downhill.
There's also another company that makes a rescue sled and it's essentially a small blanket that just unrolls and your skis bolt on to it I think. But using the avy shovel, cord, skis, and poles looks way easier and your already carrying those things, so why carry something else?