Fullwings: Which airplane can sustain landing in a 40 knot crosswind?
Most modern jets, certainly all the Boeings I can think of. We used to have all sorts of funny limits as they were the worst crosswind that had been encountered during certification. Nowadays I think they use simulations to arrive at the limiting figures. Airlines also differ widely with their policies in this respect.
Can most line pilots avoid exceeding the max. bank angle?
I would hope so. In my company you have to demonstrate competence in limiting crosswinds (in the sim) before getting your fourth stripe. I think most contemporary twins provide quite a decent margin before ground contact of the airframe. I don't feel this technique will become popular on the Jumbo, though.
Some use "wing down" to remove a proportion of the drift angle and do the rest very close to the runway or even let the landing gear absorb the offset.
This must be an exaggeration. Even if limitations state 38 knots on a dry runway was flown by factory test pilots, I've seen no actual "line pilots" (guys/gals with over 30-35 years flying) attempt over about 30 knots; probably doubtful that the runway could be dry. And what if a reverser or autospoiler is on MEL?
I have no problem taking something to its AFM limitations: that's what they're there for. However, I reserve the right to discontinue an approach or even not attempt one if I (we) feel that I'm not coping/won't be able to cope with the prevailing conditions, whatever they are. There's a world of difference between a daytime landing in dry, steady x-wind conditions at, say, AMS and a night approach into HKG during a typhoon. Despite the numbers being identical.
If you have MEL items then you take careful note of any restrictions that apply to them, crosswinds being an obvious example. I'm not sure either of those defects above would affect x-wind limits on my type (not having an MEL to hand) but anything that affected control authority (hydraulics, etc.) certainly would.