This is a good, friendly way to ask for permission to do something. You can use this phrase when asking for permission from a boss, a teacher, a parent, or anyone who has authority over you.
Hey, would it be OK if I take this Friday off? My son has a soccer game that I wanted to attend.
Use this phrase when you want to be polite, but you're also confident that the person you're asking will probably give you permission.
You also use this phrase with friends when you want to do something that will affect them. It sounds polite in this situation too. For example:
Would it be OK if I use your computer for a minute, just to check my e-mail?