No, that's a feature introduced in Outlook 2007.

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Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
http://www.turtleflock.com/olconfig/index.htm
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers
http://www.outlookcode.com/jumpstart.aspx
> Is it possible to view multiple calendars overlaid, one on top of the other?
> Using Outlook 2003.