Yes, it can and does happen without an emotional connection. There are a lot of relationships, BDSM or vanilla, sexual or platonic, that are simply "you get what you want and I get what I want and that's all there is to it."

Play parties, the existence of Pro Dom/mes, porn for that matter - it all points to the fact that this stuff is out there without a level of romance, commitment, or shared emotional depth. It still carries are the basic elements of BDSM in just the same way as a one night stand is still as much intercourse as the sex between a married couple that has been in love and together for years.

Would I want it that way, m'self? Nah, not really. The switches just don't flip for me the same way. I've dipped the occasional toe in to test the waters of this type of BDSM interaction and it's simply not my style.