that would really depend on your application. but mostly...no. The laser chip is far smaller than the LED chip, and the edges have been cleaved in a different manner. so, no, you can't focus the LED to as small a point as you can with a laser diode. You will find that the frequency and photon densities will not be as stable in the LED. Go to the dollar store, and buy one of those cheap laser pointers, and carefully remove the little circuit board. you will find a little thing on it that has a 'v' shaped notch. if you look at the crotch of the notch, you will see a tiny grain of material there. that is the laser chip it self. it will be about half the size of a grain of salt. If you dissolve the plastic housing that surrounds a LED, and then examine it, you will find a little funnel shaped reflector, and at the center of the v end there will be a little grain there, that is about three times the size of a salt grain. the cleaved end of this grain will not be as smooth, or as thin as the one on the laser. does this help any?
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I'll assume you're talking about making a burning laser. So no, a LED, no matter how intense the light will not achieve the same results as a laser.
Work for what? But probably no, an LED and a Laser are two completely different things. In some cases, LEDs and lenses can be used instead of a laser, as in some of the cheaper laser printers.