re: Is this ok to shoot?

Has the round been chambered and unchambered a lot? This phenomenon is referred to as "bullet-setback." If you notice the problem early, you can usually shoot it with no problem. But when the bullet gets set back too far, it could create an unsafe pressure condition.

Personally, if the case was standard-pressure, I would shoot it. If it was a +P round, I would probably use a bullet puller to get the round out, and then re-seat it into the case. Then again, you may not have any reloading equipment to do this...