no, you can only view them side by side in outlook 2003. Outlook 2007 will
let you overlay for one view but you can't sync both.
If you set the hotmail account's message store as the default, everything
will be stored on the server and you can sync it with your device.

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Diane Poremsky [MVP - Outlook]
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> Is it possible to create a single view of multiple calendars? In
> addition, I
> want to be able to synchronize both calendars with a Palm Treo phone.