Yes, any color can be used now that almost all compositing is done in the digital domain. Some work better than others though.
Both the Blue and the Green that are most often used, are very very pure colors. most blues and greens you see in everyday life are a mix of colors. This is why the paints and fabrics that are custom created for effects compositing are so expensive.
Blue's advantage today is that it is the opposite of flesh tone, that is, it's the complementary color to most flesh tones. Green is closer to flesh tone, and flesh tone sometimes has little green in it. Also, if you have some blue contamination or spill in the scene, it is usually less objectionable and noticed than green spill. The software programs can remove this, but if the operator isn't careful, they may cause flesh tones to look a bit off, if green is removed too aggressively.
Most of the Green Paints and fabrics used reflect back more light overall, which is can make the compositing process somewhat easier. Also, most digital imaging cameras have most of their sensitity and the least amount of noise in their green channel, with more noise in the blue channel. So Green has become the favorite of the last decade.
The software today is so good that having other green or blue colors is normally not a problem, as long as they're not that perfect shade of green or blue.
Other colors have been used, namely red. Usually when there are no people in the foreground shot.