No, outlook doesn't support it.

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Diane Poremsky [MVP - Outlook]
Author, Teach Yourself Outlook 2003 in 24 Hours
Coauthor, OneNote 2003 for Windows (Visual QuickStart Guide)
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> When I view my calender as 1 day or 5 day work week the calender shows all
> hours from 12 am to 11pm. I thought my other calender had the ability to
> "compress" non work hours. Do you know if I can do this in Outlook 2003?
> thanks so much