Is it possible with SharePoint 2010 to have a column in one list point to the value of the column in another list? So List A's Column1 will show the value of List B's Column3 for a specific item. Thanks.
Define List A's column1 as "lookup" field of List B's column3.
if I understand correctly you should use Lookup Field.
This functionality is fairly easy to use when adding a Lookup field in a list, but you can do a heck of a lot more programatically, see here for an example: http://msdn.microsoft.com/en-us/library/ff798514.aspx