EDIT
There are several attack vectors with addslashes() . The first, which I chose below, was based on an article previously associated with the answer, in which it is cited to support the opposite statement. At least one of them has overlapping strings using at least UTF-8 encodings.
http://www.erich-kachel.de/?tag=addslashes
You can build a similar technique, as shown below. Long and short, the MySQL team found it necessary to retire magic_quotes , and also strongly recommended against the pretending addlashes () - a real form of protection. Maybe, you know, the MySQL team will know better? For what it's worth, mysql_real_escape_string has some vulnerabilities in extreme cases, but since it is specific to MySQL, and not just to PHP-specificity, it is one step ahead. The best solution would be to use query parameters.
Original answer follows
Yes, you can log in as admin. Not at a time, but two passes will do it.
Ref - http://shiflett.org/blog/2006/jan/addslashes-versus-mysql-real-escape-string (Yes, this is the same link from another answer, but instead, my interpretation is that it is usually possible for any multibyte character set except utf8)
You did not indicate whether the system is multibyte, but since the question is open, I assume that it is.
$p_username = chr(0xbf) . chr(0x27) . ';' . "update user set password='password', '. "username='" . chr(0xbf) . "' where username='admin' /*'; "SELECT password FROM user WHERE username = '$p_username'"
I changed the username and password of the user "admin"
This type of attack is possible with any character encoding where there is a valid multibyte character that ends with 0x5c