Go ahead and try it, but I guarantee that you will hate it and it won't work in the long run.
You have to have some type of "energy nutrient" in your diet; either carbs or fat. If not, your energy will suffer, work outs will suffer and progress will suffer.
I do, however, incorporate moderate/high protein and low carbs/fat into my diet one day out of 7. Not the same, but somewhat similar to the MAG-10 pulse. This can be highly effective, but you sure won't want to eat like it all of the time.