Quick question - common ground on stereo signals

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I have a quick question for you DIY audio guys. I don't really know a lot about stereos so please forgive my stupidity.

Is there a problem with two line-level audio signals sharing a common ground ?

I have a three core cable that I need to end up as 2x RCA connectors. Can I just run both RCA "rings" on the same piece of wire and the RCA "tips" on the remaing two wire cores ? ( assuming that the "ring/sheath" is earth on an RCA plug ? )

Cheers
Nick
 
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