Yes it is possible. Both Jira and Outlook have public APIs, so you could have another application which creates your tasks in Outlook and then keeps them in sync with Jira.
Or you could create a task from Jira's assigment emails and manually keep them in sync. (http://office.microsoft.com/en-us/outlook-help/create-a-task-from-a-message-HA102838803.aspx)
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