Depends on what you mean by acceptable. Also, what kind of leak–a pinhole in the pipe? A leak in a joint?
If you CAN cut the pipe, you don’t have to replace a bunch of joints–you can put a 3″ rubber flex coupler that secures with two stainless hose clamps.
You can do a Rube Goldberg with wet-or-dry roofing asphalt, but no guarantees unless you can clamp a fitted saddle over the leak afterwards.