Lose weight with low weight exercises?

I'm 19 years old, currently 193 pounds (5'11"). A few months ago I was 225 but with running and dieting I was able to bring my weight down. I'm now looking for other ways to bring my weight down even more. I've been told by some people that doing exercises with multiple reps of lifting low weight free weights would burn off a large amount of calories and inches. Is this true? Is it worth a shot to pick up a few (low weight) free weights and do it?
 
it depends on what you mean by low weight?

I'm currently doing fat loss II from "New Rules of Lifting" with set/rep paraters of 3x12 and the weight I use is low compared to what I can do in a 5x5 routine.
 
Polish...you can always have a bit of fun with stuff like 'cardio cleans' in which you do really high rep low weight power cleans. There's always db swings, etc
 
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