Sure, and, by the rules, it's virtually impossible anyway. But, then again, once in a million chances work 100% of the time.
However, there is no mechanical reason for changing the rules. There is only your opinion that a dragon cannot be intimidated. Does that mean that any CR 7 or better creature can no longer be intimidated? Does that mean that once my PC hits 7th level, I am immune as well? I'm somewhat curious as to how many DM's would rule in favour of the PC's in this way. "Well, the bad guy is doing something pretty off the wall, so, nope, it has no chance of success, screw the RAW." is an opinion I highly doubt many DM's would take.
Now, there are times when mechanics fail. I don't deny that. The "Hulking Hurler" is a perfect example of that. Another is a character I made in a pick up game recently. An 8th level halfling fighter with lots of mounted combat feats, power attack and a dog to ride. Small enough to go into dungeons. There's nothing in the RAW that prevents a lance from being used two handed which makes Spring attack plus power attack a devastating combo. I was pumping out well over 50 points of damage on a single attack minimum and easily topping 60. Tack on improved critical and there was a chance my damage would reach triple digits. After the game, we talked about it and came up with a restriction to nerf that in the future (power attack does not get included in spring attack damage - a 4 point power attack becomes 8 when used two handed then 24 with spring attack. That's a pretty big bonus for a -4 to hit.) . And that's no problem. There was a problem that existed, it was identified and we corrected it. I guess that would be one of the 1% issues that was brough up earlier.
However, as far as intimidating a dragon goes, there's absolutely nothing wrong with the RAW. The only problem is in people's preconceptions of dragons. I get very, very uptight when people start making exceptions to the rules that only go against the players. Since I would not make this exception in favour of a player, as a DM, I will not make the exception in favour of my critter.