As you create a meeting invitation you are able to see whether others are free or busy, but you aren't able to see any other information about their schedule (such as the meeting title, who is invited, or where it's taking place).
But if someone has chosen to share their calendar with you, you'll be able to look at the items in more detail. Depending on the level of access they've granted you, you may also be able to modify items.
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To view another person's shared calendar, complete the following steps. Once you've done this, you'll see their calendar listed under My Calendars in the section of your Navigation Pane every time you use Outlook.
In the Navigation Pane, under Shared Calendars you should now see an additional calendar with the person's name.