Certainly is possible.

1. Click the 'Insert' menu

2. Select 'Project File ...'

3. Use the dialogue to locate your MSP project (or Video Studio Project for that matter)

4. Enjoy

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IBM A51p with 160Gb Boot Disk, 160Gb external Firewire Disk, 2Gb Memory and a super duper sound card, 17\" TFT Monitor etc etc etc
Sony TRV33e : Sony TRV310e : Canon XM2
ULead products mostly including Mediastudio Pro (V8.0), Video Studio 8, Movie Factory 2.0, Premiere Elements

Remember, there is always more to learn than there is to teach.