OK, not really.
It appears that PC Gamer has poked some fun at The Elder Scrolls IV: Oblivion's horse armor DLC, which I'm sure is remembered fondly. It was available for $2.50 as DLC for Oblivion, much to everyone's surprise and chagrin.
But seriously, Crab Armor. Viable, or not? I say they go for it! If I want to spend a mere $5.99 armoring up an enemy crab, then dammit, I'll protect that crab to my last. Even if it still attacks me.
Besides, when we learned last March that horse armor was still selling despite being released in April 2006, I wouldn't blame them for selling something similar! In this case though, this picture is merely in jest.