If u can maintain the water quality, sure. For a 1ft cube, most lights will be fine. I'll suggest u to look at those HO LED lights due to almost no heat transfer. Start with soft coral of LPS before u attempt SPS. Do also read up on the requirements of corals like kH, Ca, pH, etc.
As for fishes, u should be looking at only nano fish like goby and the most a pair of clownfish (percula).
Cheers
JC