I've done it with some success. The reason I say "some success" is that with cracks, they'll usually find a way to come back. It may take a few weeks or 10 years but they usually find a way to come back, especially if they're "settling" cracks. That being said, you can use the paintable silicone caulking but make sure that you fill the cracks deeply and not just on the surface so that you've got "backbone" to the caulking itself.
I've got "settling" cracks in my living room and kitchen over the door casings and I've repaired them twice with webbing tape and joint compound, and they keep coming back. It usually takes about 5 years or so before they rear themselves again.