The equipment we use is surprisingly strong, the real question is can BP come up with something on short notice that will work. As far as pressure goes, coming up with something to contain the pressure is relatively easy...doing it and implementing it at a depth of 5000 ft, thats quite another.
I've worked on pipelines flowing gas at 5000 psi. Some plants and refineries have 30 or 40 THOUSAND horsepower on tap to pack pipelines under immense pressure...
Hopefully this will work, I'm not sure it can contain all of it because getting a clean enough cut on the existing pipe will be the biggest challenge, then securing it without igniting a plume of explosive gas would be the next major issue. But this is doable. Lets just hope/pray it works then lets get BP out of our fucking waters for at least ten years.