Not in PrE. PrPro can do this. The closest that one can come with PrE is to Export/Share from Project 1, as a DV-AVI (for SD material), and then Import that into the other Project. If you do this, I would either edit quite loosely, so you have Handles on the Clips, when Exported, or edit very tightly, and be sure that you do NOT need to do more, as any Handles will be included in Transitions, etc.
Good luck, and sorry for the bad news,
PS - maybe by PsE 9?