You should check out the Body For Life thread in the Specific Exercise plan forum. While BFL proposes a low-fat, low calorie diet, a lot of low carbers do it as well.

I'm just now back to low-carbing, but will be continuing my workouts. Or rather, resuming them - great on my 20 min High Intensity Interval Cardio, but have been slack with weights lately.

The high intensity interval training (HIIT) is great for both cardio and weights. The cardio helps to put you in fat burning mode for hours, and weights build muscle, which burns calories just by existing, and sculpts you to truly change your body.

And that's as scientific as I get. You'll have to check it out for yourself!

Long story short: Yes, you can do both.