[quote=Ashgan]
Out of curiosity, is it plausible if a kingdom were to have a female ruler instead of a male lord? Say the last lord only had a daughter and he passed away, and she somehow convinced the court to not let any of the greedy vassals claim the throne in her stead.
[/quote]

A female ruler is acceptable, but they won't have as much respect as a male ruler.

@ Sovie: Yes, you can just buy equipment without troops to fill it.