I have a fender strat and the bridge on it doesn't sit even with the body in standard tuning. I'm using regular guage strings but the bridge is a good half inch above the body. Is this ok or is there some way I can fix this?

Fixed bridge, or floyd-rose?

strats have floating bridges, and usually they sit balanced with .009 gauge strings. you can offset the string tension with the spring tension which is accessible by removing the backplate of your guitar