Yes its possible. Just add your Google Account on the phone. The only problem I can see is that you should turn off other sync, since if you are using your email address as your Google account, she may not appreciate receiving your emails or having your contacts syncing to her phone as well. I'd advice to make a third "shared" account you can use for Google Play.
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SugarSync and DropBox Referrals
SugarSync (gives 5gb free on registration)
DropBox (gives 2gb free on registration)
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