Certainly
My campaign world is a very grey one. I base plots and conflict along a Chaos versus Law axis rather than Good Versus Evil (going so far as completely removing that aspect of alignment from the game). Racism and sexism are big elements of my world. Different cultures face it in different ways however. The Lawful societies are typically the most racist/sexist, and fit a more medieval style of life (the Church holds sway even over the nobles, typically the country is ruled by a King though currently a Queen holds sway... causing much political tension). Just about every race views itself superior to the others. Half breeds are looked down upon by both.
Of course, there are some lands that are more egalitarian (one country was once ruled by dragons, and even though they are gone, much of the culture is still the same, and since female dragons are just as potent and dangerous as their male counterparts, there tends to be little to no sexism in that country... racially they also tend to be a bit more accepting of half breeds and in face most nobles trace their lineage through dragon blooded ancestors).
Most of the female players I've had over the 12 years of the campaign have enjoyed it. They either have chosen to play the concepts that rebel against societies mores, or non-human races where such things are absent (elves don't have gender bias, for instance... dwarves do, but only because there is only about one female dwarf per ten males). Currently I have two female players and they've never had issues with the degree of "isms" in the society (one plays a female swashbuckler type that enjoys trouncing males who give her lip, the other plays a mix of male and female characters, all of which labor under some sort of dramatic tragedy, simply because she enjoys troubled characters).
I think handled maturely, such real world issues can add a sense of versimilitude to a setting. And, as heroes, players can feel a sense of empowerment when they overcome such attitudes.
I do make the setting very clear to perspective players though, and I try to help work on their backgrounds with them so that they are integrated with the world. So for me, its been a good boon.
Oh, and I would never let that element of the world dictate what a player can play, I would just let them know their character has to have some background that explains their derivation from the norm(when they come from a culture that would restrict gender/racial roles)... but few heroes don't have an odd background, so its not that big of a deal.
Tywyll