yeah, that's usually OK. The problem is how sterile can you make it? Few wounds are clean. And "copious irrigation" is the name of the game. It's not unusual in the OR to go through 20 liters (that's 5 gallons!) of saline with an abdominal wound or a joint surgery.
Sterile 4x4 or 2x2 are fine, but again, you have to apply them "sterile." Sometimes we'll use iodoform, basically iodine-impregnated gauze. In other words, using sterile gloves and/or foreceps (or cotton-tip applicators, etc) that have been sterilized. And you should sterilze around the wound before you start, since you'll likely brush the gauze against the body as you put it in.
And contrary to some opinions, you don't have to really "pack" it in. I mean, you don't need to fit 50 gauze pads in a wound that's an inch square. The gauze should be put in gently, but when the wound is full, stop. Don't keep smashing gauze in tighter and tighter.
Then cover it with something sterile. Change it daily, or more if it's really pus'ing out. Watch for cellulitis. Depending on the wound, apply bacitracin/neosporin, sometimes silvadene (usually burns though), or just leave the top dry.