Yes. Depends on health of the mother. There are increased risks for the mother and fetus but the majority of women over 35 who become pregnant do well. A consultation with an OB dr can help a patient weigh their specific risks.
Yes but. The risk for pregnancy complications does increase with age, and pregnancy is not without risk at any age. More women now wait until later in life (35 and 40) to have their children. If you have any health problems the risk could be greater - you should discuss pregnancy with your doctor.