Somewhat. It will narrow down the area, but will not exactly pinpoint your location as accurately as a GPS.
Well, geocachers almost always take GPSr's with them, so if they have a cell phone as well, they're completely prepared.
You can also try putting out your emergency call on a shortwave ham radio transceiver. Shortwave signals can travel all the way around the globe, and you don't need a licence to use any portable radio to send distress calls.