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.
I was hoping to take this Friday off. Would that be OK?
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 the phrase "Would it be OK if I (do something)?"
Would it be OK if I use your computer for a minute, just to check my e-mail?