Will doing crunches help love handles?

Honestly, would doing about 40 crunches every night help love handles and belly fat?

yes. especially the twisty ones

Yes, you will feel the results.
But if you are trying to lose weight for the summer, as many others, I would suggest you doing a couple more than 40.
If you want to see results fast, here is my advice...
do some regular, some with left foot up (do the same with the other foot as well), do some with both feet up straight, and some with them curled in.
Puting your feet in different positions will exercise different muscles in your body.

You need a variety to challenge your body.
Try this http://youtube.com/watch?v=edUFqkWSve8