I am female. I think it's possible; however, I haven't been able to do it myself. Frankly, if I like the guy enough to be friends with him, I could very likely date him as well. It's easier to do when I am in a committed relationship, as I draw clear boundaries which are not to be crossed, but when I'm single, somehow through our closeness and mutual respect we grow on each other and the couple of times I had close male friends turned into two of my most intense non-sexual relationships.
I don't consider myself to be the jealous type and I would generally have no problem with my guy having female friends. However, if I for whatever reason felt threatened in some manner, he would need to trust my instincts and check their relationship or step back, so to speak.
One of the rules I've had with boyfriends past is that there can be no hanging out with friends with whom there has been a sexual relationship. It's just too easy to have a vulnerable moment and fall into old habits, especially where alcohol is involved.