Yes. Assuming signal strengths for both are comparable. Say, within 20 dB of each other.
> (possibly garbled if carrier wave was off)
Nah. If both stations have sufficient energy fall into receiver's bandwidth window (IF filter for analog receiver), no garbling. If one of stations has carrier sufficiently off to fall entirely outside IF, only other will be audible.
You are probably thinking about SSB, where two stations with carrier offset indeed produce weird sounding interference.
With respect, this is nonsense.