Not a good idea - you'll run out of energy and get the dreaded 'knock.' If you want to promote the body's ability to metabolise fat I'd suggest going for a walk on an empty stomach would be better as its a low intensity exercise and as such is much better at burning fat that something more energetic.
Interestingly, about a year ago I read Tyler Hamilton's book The Secret Race. Great read, and I think in it he said that he lost a race because he ran out of energy in its final stages because he mis-calculated his energy requirements and didn't carry enough to eat with him!