You bet you can. That's the basis for my Christianity rush with Ramses... Only surefire way to get a religion without crippling your economy on Emperor or higher, if you ask me. I suppose there might besome sort of Oracle snafu for Code of Laws, but...
Edit: As for the above poster, think of it this way... If you beeline to monotheism, you can lightbulb theology and code of laws directly after with the two priests you've procured with your obelisk - founding Christianity, possibly Confucianism, and giving you two very high profile techs for trading. You may say "just build a temple and get the priest there" - but you need a religion for that, and that is not a surefire thing early on for the higher difficulties. You don't need Stonehenge for this (though I like it with Ramses) but it wouldn't be possible without the obelisk, and I find this to be quite a powerful technique for a more peaceful, religiously oriented game - even if only one city makes use of those priests, it's *very* worthwhile.