It can work but the danger is to re-gain the weight once you go back to your normal diet.
If you just want to loose a few kilos to get inside a dress why not (but our bodies do not like very much this kind of games :-).

For a healthier diet, change your way of eating by taking out the extra (extra quantity, extra sugar and fat) and add the good ones (fruits, vegetables and exercise). You may not loose weight as quickly but it will last.

Check your BMI kg/m2 (Body Mass Index) ,decide what BMI you want to reach (to be healthier and/or to fell better) and allow you some time to reach it.
http://en.wikipedia.org/wiki/Body_mass_index

And whatever you do (diet, exercise), you have to enjoy it, if not one day or another you will swap to your old habits :-)