Yes, the traditional way was to use a "beacon" which you could triangulate on with direcitonal antennas (aka. "fox-hunting").
The 21st century way is to use a GPS and a transmitter which will broadcast the exact location so no searching is necessary.
There is a whole sub-culture of amateur radio ("ham" radio) called APRS (Amateur Packet Radio System or Automatic Packet Reporting System)
And a subset of APRS which uses very small GPS receivers and APRS transmitters to allow you to track almost anything on the planet.
Depends on which is more important: the activity of searching and finding the lost craft, or simply locating it for rescue.
APRS overview:
http://en.wikipedia.org/wiki/Automatic_Packet_Reporting_SystemAPRS website:
http://www.aprs.org/Typical APRS tracking beacon:
http://www.bigredbee.com/ (one of many)
Typical online APRS tracking map:
http://www.openaprs.net/ (one of many)
OTOH, to answer your original question, it is common to use a DUAL 555 where the first one implements the timeout (30 seconds or whatever), and the second one actually generates the locating tone. You would want to tune it to the resonant frequency of a small piezoelectric transducer for maximum audible output at minimal payload weight/mass.