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Yes. Done in < 4-5 minutes, in the parking lot, while you shop... Though they're trying to crack down on the "recyclers" that buy them and provide the market for the tweakers.I didn't know this was a real problem...I mean I get the platinum in them and all, but does this really happen right off the vehicle?
I had the catalytic converter stolen off of the 4Runner I used to own. Happened right outside of my apartment while I was asleep and was none the wiser until I cranked up the engine the next morning. Quite an unpleasant surprise. Anyways, after getting a new cat put on (around $400, if I recall, and not really something that's covered by insurance), I bought and installed a Cat Clamp. Can't speak for its effectiveness other than the fact that my catalytic converter never got stolen again in the three subsequent years that I owned the truck.