Yes it's possible. You and the others you are going to fly with in this coop flight would need a few things.
This scenario incorporates MISSIONS. You can download lots of missions to fly together in with your friends or whoever. All flying in there must have the same mission.
Using a program called MultiSwap, everyone must have this too, you start up Multiswap, swap to the mission you all want to fly, select your allegiance and then hit the SWAP button. THEN, you start up your game and go flying. You must remember to swap back to the original.mission file after this. You do this by hitting the Restore button in the MPSUtil program.
The MultiSwap program is located here:
http://www.multicfs.com The only problem with this is that you will only see destroyed what you destroy. You destroy a ship, but the others still see it floating. They must destroy it too.
Another more complicated way of doing this is with Brunhost. This program allows you to create missions for you and the others to fly in. They do not have to have the mission, only the host of the game with the Brunhost program. Brunhost sets everything up. The beauty of this is that if you destroy a ship, building etc., everyone sees it going up in flames, they do not have to destroy it too.
I flew many Brunhost missions on the Zone with friends and they are tons of fun. But it takes someone that knows how to use Brunhost or someone willing to take the time to learn it.
Hope this answers your question. Good luck.