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i have a kenwood reciever with 1 set of preamps. can i hook up a amp and subs to it? will it sould good or bad?

 
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yup, it will be fine, you only need more preamps if your going to run more amps, thats whey the call them PREamps

 
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Buy a crossover. What it will do is give you more preamp outputs. You'll plug your 1 preamp out into it and it'll have about 3 outputs depending on what kinda crossover you buy.

Crossover

You can get this one or something similar to it. It has a front and sub inputs and 4 outputs, full-range/high/mid/sub.

 
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thats what preamps are for, to hook up your amp. it will sound good...