Absolutely. You take your 2 clublengths from the lateral water hazard under Rule 26-1c. If that puts you on the cart path, you still have to drop the ball. If the ball comes to rest in a place where the obstruction interferes with your stance or the area of your intended swing, then you take relief under Rule 24-2. That relief point must not be in a hazard, or nearer to the hole, so you don't have to worry about bouncing back and forth between the obstruction and the hazard.
If the ball rolls (or bounces

) more than 2 clublengths, or ends up closer to the hole than the nearest point of relief, or rolls back into the hazard, then you redrop. If the same thing happens again on the redrop, you place the ball where it first hit the cart path on that drop.
In any event, if after taking correct penalty relief from the hazard the cart path still interferes with your next stroke, you get relief from it.
