Will I lose weight by doing this?

You would probably loose about a pound and a half. Usually you will need to work out a looooot more than just what you said if you want to shed the pounds quicker! My mom is a personal trainer and when I asked her just now, she said that you probably wont notice any difference right away with a routine like that, but that eventually your food decrease will help. Also make sure you eat the right food. You want to eat lower calorie numbers, but provide the max nutrients and protein you can for the amount you eat in order to be successful. Good luck!