No, but you can sort it by the File As... field, which for most users is
Last, First.
Go to Tools > E-mail accounts > View or change existing directories or
address books > Outlook Address Book > Change. > Set your sort order there

Signature
Russ Valentine
[MVP-Outlook]
> My address book displays my contacts alphabetically based on first name,
> but
> I would like to see it based on last name(as I could do in OL2000 by
> clicking on the field header). Is there a way to do this in OL2003?