The answer is NO
AFAIK, EAD receipt does not work the same way as H1B receipt. You cannot work if you do not have a valid EAD card with you - doesn't matter if you have applied for extension and have a receipt.
The following is from a FAQ on murthy.com
Question : I let my EAD expire and then applied for a new one. Is this going to be a problem? Was I supposed to apply before the expiration date?
Answer : This will not be a problem with respect to obtaining a new EAD. The EAD does not have to be filed as an extension before the expiration date in order, ultimately, to obtain an EAD approval. Merely filing the EAD does not permit a person to work legally in the U.S. It is necessary for the person to obtain an approved EAD in order to continue employment, unless one is in a valid, work-authorized nonimmigrant status. Therefore, this could pose a problem with respect to one's ability to continue working legally if there is a gap in the EAD.
Posted May.02.2003