Yep. In Outlook, go to File->Import and Export. Follow the prompts. Select export to file. I suggest file type .pst then select your calendar for export.
Once you email it, the other user will save to their hard drive, then open in Outlook by File - Open - Outlook Data File. On Outlook 2003 to view the Calendar go to the main Calendar and then check the box beside the Calendar in Personal Folder (where Personal Folder is the name of the PST you created)
This sounds way more complicated than it really is. Give it a try!