They most certainly are! Remove 4 screws from the base of each water block, lift the cap, remove the O-ring from the plastic channel they sit in and replace them. Finding the right size can be tricky, but not impossible. I've had companies custom press new O-rings to the correct dimensions for automotive use that would probably work fine in a Power Mac G5.
I wouldn't be surprised if you could even seal the blocks with automotive gasket sealer rated for cooling system use. Wouldn't be as simple of course, but in a bind and being a relatively low pressure system, it would probably do the job.