darkSpyro

Say you make an Imaginator, would it be possible to extract it from the game fully completed?

What is that I can smell?

it may be?, a cease and desist letter from activision?

Yeah not in a legal way; even if some devs have put up turnarounds of older skylanders that can be used for fan models.

Fully completed?
I imagine not, because the crystal holds the data for which parts you're using, and it just loads them all together in the required positions. You'd be able to pull the individual parts, but you'd have to put together manually. It's similar to how Pokemon does it with the games that have customisation for your main character, it doesn't save the completed model but the "pointers" to what parts are currently in use. Also, if you were dumping the game to gain access to the models, you'd just be dumping the base data that's on the disk, not anything to do with save files.

As for getting CnD'd? I'd say, likely not, as places like Models Resource have hosted models from Activision games ~for a while~, and they're still there (that said, they'd probably be the best place to ask more on this topic). If you're just doing it for personal use, and not messing with how the figures/game itself works, then you might be able to slip under the radar.