Absolutely, though not as directly as one could do it, if they had one of the CS5 suites with both PrPro & SB.
Open your Audio in SB, and edit, as you need. Save_As a PCM/WAV 48KHz 16-bit file. In PrE, just Get Media, to Import that WAV file into PrE, and drag to the Timeline.
I was aware of saving the SB Score (asd) file as a wav, etc. then using that in PrE. I was hoping that there was a way of mainaining the intregrity of the asd so that the "Score" could be tweaked in SB and still be used as part of a Project in PrE.
In the PrPro suites, one has the option to Edit in SB (or Edit in Audition, if that program is installed and setup correctly), and this will do several things automatically and directly. First, a PCM/WAV file will be created FROM the Audio Clip (basically Render & Replace), then SB will be launched, and that new WAV file will be Opened in it, ready to edit. When editing is done, all one does is hit Save (not Save_As, or other), and those edits will be applied to that WAV file, which will then replace the one on the PrPro Timeline. This will also leave the original Audio file (either separate, or muxed with Video), in the Project Panel, and add the edited file to the Project Panel, plus replace the Audio Clip on the Timeline - direct and virtually transparent.
Now, I use Audition, and not SB, so might need some help here, but in Audition, there is a SES (Session) file. I am assuming that the ASD is similar. If so, that is basically an XML file with instructions, and links to source files, rather like a PREL in PrE. Only links and instructions are contained, but with the SES file, if nothing has moved, the source files will Open up, just as they were, when last Saved. The SES files are meaningless to PrPro, or PrE. Now, SB might do things a bit differently, but I have not used it, since its beta years, and versions ago.
Hope that helps,