I am a female player, and I have played for years with female players and female GMs. Our club (CARP in Lansing, Michigan) is so well-stocked with females that there have frequently been full tables where every player was female, with a female GM at the helm.
It happens. It happens rarely, which is a crying shame, but it does happen. Hopefully female GMs will start popping up in other areas soon.
I've also run a home campaign with four players, only one of whom was male... and he was playing a female character!
