I have seen it done in practice, on rather large systems. But it requires actual, slow software engineering instead of the freestyle coding processes that are used in most places.
My main rule is "no naked new," meaning that the only place the new operator is allowed is in a constructor, and the only place delete is allowed is in a destructor (unless there's some very special circumstance). This style lends itself to RAII. The other rule is to use the standard library containers unless there's a very good reason not to do so. That seems to cover most of the really basic errors.
