Sure, If it's a low speed machine, i.e 150-200 rpm then it'll be fine on carpets. All you need are some bonnets really. Some folks use a double-wringer bucket and even augment this with a third single bucket, because you need to rinse them out frequently during use.
I'm not a bonneting expert but have used the system to good effect on a few jobs.
One method is to soak your bonnets in a weak solution of whatever chem you're using, wring one out and use it on about 10-20m² before flipping it over. When you've used both sides you stick it in the "dirty" bucket (plain water only). The idea is then to rinse it out and soak/wring it in the weak solution again before using it some more. Obviously using several bonnets on one job means you can get a rotation going.
The idea sounds a bit long-winded but makes sense once you get a system going. I'm sure one or two bonneting experts with more experience than me will tell you if I've got it about right or not.