Well, of course you can do it, the question is should you do it.
Ideally, no. Inbreeding causing problems such as increased chance of genetic abnormalities. These are common enough with livebearers as it is. Belly-sliders, crooked backs, and siamese twins are all very common in inbred livebearer broods.
If you want good quality fish, you should always separate male and females in each litter of fry as soon as possible to prevent any chance of inbreeding. Moreover, people buying your fish will want virgin females so that they can do their own crossing. This is very important because some livebearers (perhaps most) can store sperm, so even if they mate just once, they'll produce several broods from that mating.
On the other hand, breeders "fixing" certain new features into a strain they have created will often cross closely related fish, usually offspring to parent rather than brother to sister.
So basically no, don't do it.
Cheers,
Neale