yep. When I was getting the tires put back on the wheels after mine were stolen and I was talking to the guy in the dealer. He told me about that kit that was posted above that has a "universal" key to get the locks off but he said there was also the spliter that was what I described. And when you hammered it on it basically just split the lugnut in half.
I'm sure depending on the design of the wheel you still might not be able to just pull it off but it would be enough to put a large screwdrive or even a flat head screwdriver type socket on a ratchet or breaker bar and bam, the lock is off.
basically it's like you said though. Nothing is truly safe and it just depends on how bad they want what you have.
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