Arduino as AVRISP

Is it possible to use an arduino as a replacement for a smart avr programmer, like the AVRISPv2.
I have read on this site that the arduino can be used to download the bootloader onto another arduino.

Another possibility would be to use the arduino as a universal ISP to program AVR, Microchip PIC etc...

Yes, see:
bare board

'standard' board

loading sketches from SD card