Decoll -
Assuming you're right that only women are funded and allowed to present papers, it's not your colleague's fault that she's taken advantage of the situation -- hate the game, not the playa.
Had you submitted a paper or funding proposal that was declined? If you've no dog in this fight, I'd go easy on your colleague. You could mention the eerily discriminatory nature of the conference, but unless you're willing to escalate it to a federal case (so to speak), what's the point.
After all, they have these chyck-only dealies b/c most of 'em couldn't get their stuff presented/published if it was a meritocracy, open to all comers, regardless of gender.
JP