I can imagine a simple cast aluminum or steel case, yes. The scaling laws make lightweight, small radius, very high rotation rate flywheels preferable. They are essentially spools of carbon fiber, kevlar, etc with a binder. When they fail, a great deal of energy is released, but there are no chunks of high momentum material that would tear a hole in a reasonably strong casing as you describe. Your claims of dangerous shrapnel are incorrect.
mheslep refers to older style flywheels, but is correct, the main reason they are not often used is the size required...not danger of them exploding. A small vehicle powered purely by a steel or aluminum flywheel would largely be flywheel. More modern high speed composite flywheels have more promise for small vehicles...even if they're still too large for a primary energy storage medium, their ability to rapidly accept and supply energy gives them potential for use as temporary storage for regenerative braking and acceleration...for example:
http://www.flybridsystems.com/
In comparison, capacitors have terrible energy density, and batteries have relatively severe limitations on charge/discharge rate and cycle count.