Yup, that is possible. Remember, that is for 24 hours. Basically it is your Basal Metabolism Rate (BMR) which is the amount of energy (calories) your body requires to stay alive if you are immobile. Any "lifestyle" activities and exercise add to this number. To lose weight, you must keep (on average) a calorie deficit, taking in less calories than you burn.
The trick is coming up with an accurate idea of your calorie burn. Calculators are just best guesses and often you'll need to record a few weeks of data to see where you stand.
It takes, on average, a calorie deficit of 3,500 to use one pound of body fat so theoretically a 500 calorie a day deficit for a week will result in a loss of one pound. Of course, our bodies don't always stay on that schedule and there are a whole host of variables.
Personally, I think at least a 1,000 cal a day deficit is good and gives you some leeway if you're calculations are off. Hope this helps!
47 M 5'8"
May 4, 2010...... 440? lbs. (Start FitDay Size 60 Jeans)
June 19, 2010.... 393 lbs. (First Weigh-in)
June 19, 2011.... 229 lbs. (164 lbs. gone in one year :-)
Current Weight... 185 lbs. (Size 36 Jeans)
Next Goal 169 lbs. (07/04/12)
Ultimate Goal 165 lbs. (12/31/12)
The best exercises for weight loss are Fork Putdowns and Table Pushaways.