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The problems you are going to run into are going to far outweigh any advantages. As mentioned above, you are going to need a locker of some kind to get the wheel to turn under load. You are also going to have to figure where and how to run the wire-rope, without it getting caught on anything. From the sounds of it, this is not a very good idea other than a LAST RESORT.
If you are thinking that you are ever going to need a winch to get you out of something more than a come-along or ******-strap can handle, then look for a winch that is built for that purpose. It is safer, stronger, and unlike what is being described above, will work when you need it most. At least you will know when you need it, that it will be there and will work. If you are worried about being able to use it front and rear, then get a multi-mount (or make one) and mount the winch on it. You will be able to move it from front to rear receiver, connect the power cables, and away you go.
If you look hard enough, you can pick up a very good and fast winch for a few hundred bucks. I have found a few Warn 8274's for about $300. I saw one a few months ago that was a 9000 series Warn WITH a front Warn bumper for $400. Believe me, in the long run, IT IS WORTH THE MONEY. Nothing pisses you off more than getting in a tight spot, and finding out that what you thought would work, doesn't, and somebody could have got hurt in the process.
Don't mean to offend, just trying to ad my $.03 worth.
I've seen people use the method you're describing. It's not a good idea. It takes some serious work to get it to work perfectly. You have to try it a few dozen times and screw up a few dozen times before it will work flawlessly. I've seen snapped axles and severed brake lines from this before. If you look at all the advantages vs. the benefits, I think you're better off springing for a winch. If you absolutely can't afford it, then get a come-along and a few tow straps. Better than breaking it with an old timers jerry-rig.
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