A preliminary measurement of the first and second moment of the hadronic mass distributions in B -> X lv decays is presented. The measurements are based on Upsilon(4S) -> BB events where the hadronic decay of one B meson is fully reconstructed and a charged lepton from the decay of the other B meson is identified. The moments are presented as a function of the threshold lepton momentum, ranging from 0.9 to 1.6 GeV. From the hadronic mass moments we derive the non-perturbative Heavy Quark Expansion parameters. The measured moments are combined with earlier BaBar measurements of the semileptonic branching ratios and B lifetimes and a simultaneous fit to the HQE for the moments and the decay width is carried out. This fit results in an improved value for the CKM matrix element, |Vcb| = (42.10 +- 1.04(exp) +- 0.72(theory)) 10^-3 and the short range b-quark mass, m_b^{1S}=4.638 +- 0.094(exp) +- 0.090(theory) GeV.