Yes it can and will happen, and you will get viable fry out of the mix. The fry won't be worth anything really since they are hybrids, though I suspect many of the mollies now available in petstores are not 100% molly genetics, and have been bred with guppies to attain some of the colors. The Guppies and mollies don't care if they breed with one another, as they don't see a difference.