No, you would need to upgrade to Outlook 2002 or 2003.

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Milly Staples [MVP - Outlook]
Post all replies to the group to keep the discussion intact. Due to
the (insert latest virus name here) virus, all mail sent to my personal
account will be deleted without reading.
After furious head scratching, nc.windermere asked:
| Can I color code my outlook calendar appointments? How? I have
| Office 2000 on XP OS. When I open an appointment, next to the "show
| time as busy" box, my office mate has a dropdown menu to colorcode
| appointments. Mine doesn't and I can't find a setting anywhere that
| adds that choice. He has Office XP so I'm wondering if Office 2000
| can also do that. Thanks.