Yes! I just did this with a pair of boots because they wanted $20 to re-heel them and $40 to re-wrap the heel (note: never buy boots with leather-wrapped heels). I couldn't find a great tutorial online, but just went for it.
I bought some replacement heels (
http://www.amazon.com/Goodyear-Neolite-Rubber-Repair-Lifts-/dp/B008N1LJWQ/ref=sr_1_2?s=shoes&ie=UTF8&qid=1394475146&sr=1-2&keywords=boot+heel) online -- it's cheaper to buy a 10-pack, but I bought them on eBay for a little less than on Amazon.
I cut off the heel with an exacto knife, traced the boot on the new heels (my heels needed to be smaller than the pair I ordered, but I couldn't find any smaller ones), cut out around them, and attached new heels with shoe goo. I flipped the boots upside down and put some heavy books on the heels to dry overnight. Not perfect, but good enough for me. If I had an electric sander, I would've used that to smooth out the edges, but it turned out fine without it.
They also make little plates you can attach on top of the heels and soles of your shoes before they get to this point, and then you just have to change those instead of the whole sole/heel.
