Yes, you can and probably already beat this site for all sorts of keywords.
Google doesn’t rank pages based solely on the number of backlinks. They rank pages based on relevancy and backlinks can have an influence on relevancy scores. So it will require a great deal of effort to beat that website for keywords they have targeted with relevant backlinks, however, it would be quite easy to beat that same website for keywords the are not specifically targeting and for which they have not earned natural backlinks targeting those keywords.
I think most folks replying to this thread were commenting on the difficulty of ranking for the primary keyword that the site is targeting, not for keywords they aren’t specifically targeting.
