One problem with that belief is that it's not mentioned in the Bible. Instead, the Bible records Christ instructing us to take our disputes "to the church," "the pillar and foundation of truth."
Another problem with Luther's Bible-alone theory is that the Bible doesn't tell us what books constitute the Bible. The Church does.
In Revelations, John spoke the words of Jesus to several church's and admonished them for certain faults. The epistle's of Paul are full of correction to the various church's. Obviously these church's lost their way and if not for God's correction by the Apostles they would have continued in their sin.
The Catholic Church is not "the Church" and if it is it is grossly out of the will of God. Although it probably speaks of the resurrection more than most denominations it is full of idolatry. I have read Catholics on FR speak of praying to the "queen of heaven" and Jeremiah condemned the Jews for doing the same thing.
The Bible is open to only one interpretation and thats Gods. If men feel they can interpret Gods word without being led by the Spirit, but by using their intellect, they are sorely mistaken. That is what the Pharisees and Sadducee's did but Jesus walked in the power of God, thats how we know he was approved of God. The Apostles walked in the power, not with just words, thats how we know they were approved of God. The Pope does not walk in the power of God and neither do most Preachers or Bishops of other denominations.