Yes, it’s possible.
You will want to experiment with distance between the mic and speaker, and also the microphone’s gain setting (in the Sound Blaster software suite) so that the volume doesn’t clip against the maximum input level.
Also, keep in mind that the G5, the microphone, the speaker, and the whole audio chain connected to the speaker, will all impart their own flavor and distortion compared to the “master” audio source for your speaker.
You will want to experiment with distance between the mic and speaker, and also the microphone’s gain setting (in the Sound Blaster software suite) so that the volume doesn’t clip against the maximum input level.
Also, keep in mind that the G5, the microphone, the speaker, and the whole audio chain connected to the speaker, will all impart their own flavor and distortion compared to the “master” audio source for your speaker.