I was recently asked this question and here is my answer:
Yes, they can. It's certainly not a preferable situation for anyone at the Anfield outfit, but they can do it.
The character of this team is such that they can pull off some seemingly impossible results without their star players. We're not going to discuss the disaster 0-0 draw with Stoke and the ridiculous officiating decision in the third minute to take back a Steven Gerrard goal. However we will look at the game against United last Saturday as a perfect example of what Liverpool is capable of. No Torres or Gerrard in the starting XI [Gerrard did come in as a substitute] and a 2-1 win. Yes United played badly, but Liverpool really looked great. A very passionate display from Liverpool.
Up front the Reds have depth. Everyone is saying this, but it's only a matter of time before Robbie Keane breaks his goose egg. If Torres is hurt, Keane can hop into the lone striker role nicely. Ryan Babel is continuing his emergence and although Kuyt could do to shoot more you can't replace his work ethic.
If the forwards aren't producing, there still is one reason the Reds can still win games and cope with the potential loss of Torres. His name is Steven Gerrard. I'm convinced this man finds a way to pull his team into gear when everything else is going down. I just hope as a Reds fan that we don't have to deal with both being out. Ever.
So again, the answer is yes, Liverpool can cope without Torres. Not indefinitely, but in bits and pieces.