Is this possible. It's a 1-V in .223 rem. so I'll need the .416 rigby extracter, 32in. tube and ?.

hmm...Not sure as the Lapua was designed from the ground up to take higher pressures than existing cartridges. Might check with Ruger & see what pressure the #1 was designed to take.

Give JD a call, I thought he had one on their website for awhile - but I can't find it now.

http://www.sskindustries.com/rifle.htm

The Ruger #1 will handle the .338 lapua.................not sure if the .223 #1 will work but in general the action can, it apparently is a very strong action, others much more knowledgable than myself on these matters may contribute more.