It is possible. You want to use pulse-width modulation (PWM) to rapidly apply/not-apply voltage to the motors to control the amount of EFFECTIVE current you are delivering. Even with a 12V power supply, if your PWM waveform has a duty cycle (ratio of on-time to total period) of 25% you are only delivering an effective current that corresponds to about 12*0.25=3V of steady DC voltage.
ok, I just wasn't sure if the L293 would be able to supply < 4.5V. I could also use PWM to control the speed of the motors by using an even shorter duty cycle right?