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This isn't recomended by Microsoft
http://support.microsoft.com/kb/297019
Basically half way down the page underneath Other behaviors of .pst files over WAN and LAN links: -
Because of these behaviors, Offline Folders (.ost) files and Personal Address Book (.pab) files on a network share that are accessed remotely are also unsupported configurations.
So to answer your question yes it is possible however I wouldn't do it