Yes, you can move the offline address book to another location than the default location which is set to the folder %userprofile%\Local Settings\Application Data\Microsoft\Outlook. But to do so, you need to make changes in the registry, and you need to remember that serious problems might occur if you modify the registry incorrectly!
Open the registry, and locate the following registry subkey
HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows NT\CurrentVersion\Windows Messaging Subsystem\Profiles\Profile_name\13dbb0c8aa05101a9bb000aa002fc45a
Create a new String Value, name it 001e660e, and set its value to the path of the folder where you want to store the offline address book files. You will need to restart Outlook, and synchronize the Offline Address Book to download the Offline Address Book to the new location.You will need to remove the .oab files in the old location manually!