Can they make the playoffs? Yes, it's absolutely possible.
Can they win the Stanley Cup? No, I don't think that's on the table. This team as currently constructed peaked with their semi final appearances. I don't think this group, this year, has a chance in hell to eclipse that, personally.
You can take @Keiriks approach and say let's get in, if you're in you have a chance. I don't have a problem with that.
My view is that there is too much wrong with this entire setup, from the top and all the way down. I think the best thing that could happen is missing the playoffs, followed by a clear out of GM and coach. Of course, if Drury's staying no matter how this turns out that changes things. If that's the case we might as well get rid of Laviolette right now and see what sort of bounce we can get from that.