Hi, again!
First - yes, the receiver can handle it. The speaker rating doesn't mean that's how much it's drawing...it's supposed to be a measure of how much it can take.
That said, will is sound like s**t? Well...maybe. The center channel speaker will connect to either the left or right speaker output on the receiver, so it will only be playing one side of the sound. So, you'd be better off buying two smaller speakers that you could connect to the left and right speaker terminals. Okay, let's say that you do that - what does it get you? IMO, not much. The center channel role is to help center dialogue on the screen. If you are sitting in between the front left/right speakers when listening, dialogue that should be centered should sound centered anyway because of the stereo imaging. If you are sitting off to the side, then a center channel would help if your receiver was actually sending dialogue there - but your receiver won't be. It'll be playing the same sounds as your other left/right speakers (if you get two speakers for the "center"), so I don't think that it's really going to help center anything very well.
Did any of that make sense? I kind of shortcutted some of the explanation.