Of course! I'd be terrible to give them something feminine when it turns out to be a boy!
Oh, I guess you mean to get them "a baby gift?"

Yes, I'm sure the parents would love it. What woman DOESN'T like getting baby things(especially a pregnant woman)? Plus, I'm sure it will be very useful to them as well.
I'd be interested to know what you were getting them(not that it matters too much I guess).
ETA: clothes, bottles, pacifiers, blankets, booties, rattles, teddy bears, bibs, new born mittens, onesies(sp?), etc. What all I suggested in my other answer. I wasn't sure if you knew what a diaper cake was. I didn't ever see one myself until about a year ago. It's a shame you couldn't bring that.