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Yes, if they are equal and opposite. Example: one velocity is 10MPH going North, and the second is 10MPH going south. Resultant: Zero
Yes, two velocities can be added to give a resultant of 0 magnitude. The velocities should be equal in magnitude and opposite in direction.

Example: Let one velocity is 5m/s towards the east (+5\ \hat i) and another velocity is 5m/s towards the west (-5\ \hat i).
The resultant = +5\ \hat i\ +(-5\ \hat i) = +5\ \hat i\ -5\ \hat i = 0