Yes…
this is no problem…
what you should do is create folder for the project..
save your project into that folder…
then in you prefs set all media paths to be “Same as Project”
then when you open the project Premiere will (by defualt) look in it’s local directory as the first place for any media…
This also means that if you plan to import any external files (photos, psd’s, anims, etc) into the project, they should be copied into the project folder first…
If you do this….it should be no problem to pass the project around!
hope this helps…
Alex