Is it possible to build and register a Krinkov SBR?  If so what are the procedures that have to be done with the BATF ? I know there is a 200$ fee , photographs, fingerprints etc. , but was wondering if someone has done this or if it is even possible for an individual to build a SBR legally.

With the PROPER paperwork you can build anything.

Perfectly legal.  Depends on how you want to go about it.  If you want to purchase it direct from the store short, you need to talk to ORF or InRange about getting the paperwork setup through them.  If you buy the gun with a fake suppressor, then you can do the paperwork yourself.  www.titleii.com  Go there and find the updated form1.  You have to print it off in duplicate, two sided so its on one sheet.  Fill it out.  You'll have to submit the filled in forms to your local LE and have it signed by the sheriff.  Both copies.  You'll also need to get fingerprinted on the standard fed cards.  Same thing as when you get your carry permit.  Pair of print cards, everything in duplicate.  Once you get the prints and signed forms back, you'll need to run to a walgreens or similar place and get some passport photos for the back sheet.  All that has to be submitted with a check or postal money order for $200.  Should take 3-6 months to come back completed.  Then you can either remove the fake can yourself or have a smith remove it.  

 Other procedure would be to form a S corp, or LLC and have the corporation buy it, so you can skip the prints, pics, and LE signoff and usually takes less than a month.  If you want some good info on either procedure, there are FAQs and alot of good questions in the M16 forum on the AR side.  
www.ar15.com/forums/topic.html?b=3&f=14&t=178305  SBR FAQ.  All answers can be found there.  IMHO if your going to own a krink, you may as well make it short, other wise you'd be better served by an AK74.  Unless you just love the fake can look.    I'll be submitting my paperwork for the exact same thing here next week, so thats my take on it.  I'm sure others can shed light as well.