I seriously hope no spinners are picked in this series. And if they are I hope they're all utterly flayed.
As to can SA win, well, this SA team is far less good than the ones of 1996/97/98 and 2001/02 that lost comfortably. Equally, Australia are clearly far less good.
I can't remember which grounds the games are being played on - if The WACA and The SCG are involved I can see SA having a chance there, because the ball will hopefully swing. Otherwise, the flat Australian pitches (presuming we get such things) should nullify most if not all of their bowlers. Of course, they should also enable SA to nullify most if not all of Australia's bowling, but Clark > all of SA's bowlers and Lee > them all too, though he like Steyn obviously depends a fair bit on swing. And if Australia manage to pile-up massive totals batting first then, well, we've seen more teams than you could wish to name fall in a heap in the face of that, even if Australia's bowling has been moderate.
The only people who've ever swung the ball in Perth are blokes prepared to bowl into the Doctor late in the day. Terry Aldermann, Damien Fleming, etc. Couldn't imagine any of the Saffies being pleased about let alone willing to willing to cut back on pace a bit to get the movement. Takes a certain sort who can dispense with the macho crap.
And Lee didn't really bowl with a lot of swing against SL and India at home. He's a bit too quick. Only RP Singh did and even then his swing wasn't that consistent. Most of Lee's wickets were due to the pressure he put on, good lengths, smart bowling, etc. That why although Steyn was a little ahead in wickets taken last year, people rate Lee's wickets much higher; he wasn't dependent on the conditions at all to take wickets, was always threatening and was bowling to high-class, in-form batsmen on the flattest of decks.
As for whether South Africa can win it, it'll depend on a few things I reckon. As is usual with Australia, good opening partnerships put them on the back-foot. They're not used to being behind in the game and if Smith and MacKenzie can consistently put up good numbers, even if they're, say, 0/60 at lunch on day 1 of a Test, they'll put the Aussies under the pump.
The test of SA's grinding game will be against this Aussie side; Lee and Clark are attacking bowlers who give away nothing so the pressure will be right on. If they get through those two bowlers, the middle-order will be free from the pressure to score and Kallis lives for situations like that. If they lose early wickets, Amla, De Villiers and Prince will be right under pressure and I, personally, don't know if they have it in them to score well in that situation without giving a few chances.
Further increasing the pressure to score is that South Africa, after Boucher, have 4 number 11's in Steyn, Ntini, Harris and Morkel with another one (Nel) in the wings. Unless Morkel's brother is given a go, that lower-order looks very fragile and if there's historically been another bane of Aussie existence, it's lower-order partnerships. 6/300 will turn to 310 all out pretty frequently which further increases the pressure on the middle order not only to score freely but to put a high price on their wickets.
Personally, I tip Steyn vs Ponting to be the key match-up. Steyn bowls that away swing that gets Ponting even when set but if he slips anywhere near middle, I don't reckon Ponting will be as easy to clean-bowl as Vaughan and will get milked in through the leg-side. Aside from that, I reckon this series will be a real battle of a attrition if SA play well or a fairly easy Aussie win if they don't. Tipping Mick Clarke for a very big season.