The short answer is NO! The August 2011 edition of POPULAR SCIENCE has an article about the various methods of removing a tree stump. The author of the article is recommending to readers that a preferred option is to burn it out by using a commercial stump remover of potassium nitrate along with a few impurities and stabilizers. Other home made recipes are offered as well that include salt peter and kerosene.
Burning the stump is not allowed by the Fire Code. Such an action during the fire season can lead to a catastrophic wildfire. No uncontrolled open burning of any kind is allowed within the City of Larkspur. Stumps are typically removed by grinding. Smaller stumps can be pulled from the ground with a chain using a winch.