Great advice Jazzns!
Speaking as a parent of 2 adult children, that is pretty much how I raised my kids. I didn't censor anything they read, listened to, or watch other than to try and watch or listen with them when able.
I taught my kids from a very young age about the mechanics of sex and was available to answer any and all questions as honestly as I could. I had questions concerning oral sex and prostitution a lot earlier than I had hoped but the questions were sincere and my answers involved logistics as well as my own views on the topics.
My kids picked up on my views very early and ended up with a great distain for music and movies that portrayed anyone as objects. Neither one would be caught dead in the "latest fad" clothing or in items that cost an arm and a leg solely for the privilege of doing some designer's advertising for them.
My kids are not promiscuous or into drugs or alcohol. One is a college graduate with a 3.7 gpa and one is in college currently holding the same gpa. They are well adjusted, healthy, intelligent individuals.
I attribute all this to an open, non-restrictive relationship with my kids. The friends who looked on in horror as they realized that my 4 year old knew what a vagina was or that my 10 year old knew what a blow job was ended up with kids that snuck out and did all kinds of things behind their parent's back...all while wearing A&F outfits that their parents couldn't really afford.