Sure, but some lady bits do not do well with it. It may cause an UTI or irritation. We use for massage mostly but some always gets on/around/in the wife's bits with no issue.
Most of the time the natural oils will be fine, it's the petroleum based oils that don't do well.
I've used it for anal play on both myself and my (male) partner, and neither of us had any adverse reactions to it. You would think with all the lube lying around my house, I wouldn't be forced to snag massage oil for a quickie, but...
You can if you know you aren't prone to yeast infections and UTIs and the like. But like Ryuson says, don't let it get anywhere near latex based condoms, since it can degrade them and cause your condoms to break during use.
FYI: Dr. Oz says that olive oil is an excellent lube for penetrative sex. I don't know but I doubt that I'll suggest that to my husband any time soon, if at all. I like the Feminine Moisturizer but my absolute favorite all purpose lube is Astroglide X (all the Astroglide lubes are good).
you can, it is oil based, some people dont react well with oil based lubes. it could cause a bad reaction, a bad UTI, ect. but i have used it for this no problem.