Yes. You might want to search this group via Google Groups to get help
how to do this with OneNote 2003.
If you are trying to do this with OneNote 2007 Beta 2, then it's really
simple: Store the notebook on the drive. Then pull the drive out and put
it into the other computer. Now open the notebook there. Done.
No matter what drive letter the drive will have in the future, it will
be automatically recognized and used by ON 2007. You can also work on
both computers in the same notebook without any drive plugged in, as ON
will cache any changes you make locally (as it holds an entire copy of
the notebook locally) and syncs it back to the drive once you put it
back in.
Patrick Schmid