If I read into this where you want to be able to start Outlook twice where
one has UserA data and the other is UserB, then the answer is no.
If I read into this where you just want to be able to have Outlook start
with a specific profile, then the answer is yes. You would start Outlook
with the /profile command line switch. (e.g. start > run > outlook.exe
/profile neo > ok button would start a profile named neo while start > run >
outlook.exe /profile work > ok button would start one named work)
You didn't mention what version of Outlook you are using, so here is a way
to get to the dialog to create a new mail profile.
1) Open the control panel
2) double click on the mail applet
3) select the show profiles button
At this point, you can add, edit, or delete mail profiles.