Yes, it is possible.
Here's how I have mine setup.
- Add events to Outlook
- Create a Gmail account
- Download Google Calendar Sync
- Setup the program to sync your Outlook calendar with your Google Calendar
- Google, "Google iPhone Exchange" and setup and exchange account on your phone
- During setup, select Calendar (or email and Contacts if you want to share those as well)
- That's it!
I use this every day and it works very well. I hope I have helped. If so, press the Thanks button.