Is it possible to use same BRI interface to establish connection to two locations at the same time? One connection will be dial out and other will be dial in from another location?
Yes it is, using dialer interfaces, and dialer pools/pool members. The physical links are pool members, and the pools are stated in the logical dialer interfaces. There are sample configs for using dialer profiles in the Technical Tips section of Cisco.com at http://www.cisco.com/warp/public/793/access_dial/ddr_dialer_profile.html
Yes it is possible. If you need point to point type interfaces for routing or other purposes use dialer profiles. If a multipoint interface is ok then use legacy type ddr. Search for "access cookbook" on www.cisco.com and you can get some sample configs.
Josh
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