Yes its possible. You will need to setup the nfs daemon on the machine you wish to share data from. I find its best to set it up on both machines. You will also need to setup portmap on the client.
You'll then need to configure your shares via /etc/exports and start nfsd.
Once that is all setup, its simply a matter of mounting an nfs mountpoint. eg;
Code:
mount -t nfs machinename:/dirtoshare /localdir
What distro are yo using?