Cirrus Aircraft has a system called Cirrus Airframe Parachute System, or CAPS, already in use. See below:
http://cirrusaircraft.com/static/img/CAPS_Guide.pdfBRS (Ballistic Recovery Systems) Aerospace also has a full airframe parachute system:
http://www.brsaerospace.com/brs_aviation_home.aspxIf I am not mistaken, these systems have been in use for 10+ years now...
These are small airframe applications of course. Are you asking if, say, a Boeing 757 had an issue with Hydraulics and was unable to brake normally and the thrust reversers failed to deploy as well as spoilers failing to deploy...could the airplane be slowed like a dragster?
If that is the question, I would have to say it is possible... Look at the Space Shuttle... Comes in virtually dead stick (hydraulics are powered up) and uses drag chutes to aid in deceleration.