I'm wondering if this is possible? Could this be potentially done by writing a web part to go to Exchange?
This Microsoft article has info on Office integration: Synchronize SharePoint 2010 content with Outlook 2010 -- http://office.microsoft.com/en-nz/sharepoint-foundation-help/synchronize-sharepoint-2010-content-with-outlook-2010-HA101881295.aspx
Calendars are not included in this, though. You can view a SharePoint calendar in Outlook and you can update a SharePoint calendar by sending emails to it. Details here: http://office.microsoft.com/en-nz/outlook-help/view-and-update-a-sharepoint-calendar-HA010354986.aspx
An MSDN article has details about integrating Outlook calendars in SharePoint using Visual Studio and Data Services: http://blogs.msdn.com/b/bethmassi/archive/2010/06/28/integrate-outlook-appointments-with-sharepoint-2010-calendar-lists-using-data-services.aspx