Short answer is yes, you can sell your application under any license you like. The only thing you need to do is:
Mention somewhere that your product uses that library, anywhere, in the about box, in the splash screen, in the manual...
If your customers ever ask for the source code of that library (not necessarily your application), then you must give it to them or tell them how to obtain it. But note that only your customers/users actually have this right (and most customers don't bother right?).
That is basically it in a nutshell though I would still recommend you read the GPL FAQ posted by Artyom.
