Sure, very doable. Two things need to be taken care of:
* you both need to be able to read the files.
* you both need to be able to write to the files.
Two options:
1. /Users/Shared
* put a single copy of each in /Users/Shared/iTunes, /Users/Shared/iPhoto Library, /Users/Shared/iCal, then put aliases to same in place of the usual folders in ~/Music/iTunes, ~/Pictures/iPhoto Library, ~/Library/Application Support/iCal
* then, create a launchd item to periodically change the permissions on those items to be group-writable. Too tired to explain that now, but you should be able to work it out with some googling, or post back if you want help.
2. separate partition
to avoid the permissions issues, another possibility would be to create a separate partition on the ibook, check the `ignore permissions on this volume' option in Get Info, then do the same aliases stuff. Fixed-size partitions are almost always a bad idea though, so i wouldn't recommend this method unless you have serious terminal phobia.