This was actually a doubt that I had in my mind after I had accidently deleted my contact list by synchronizing in wrong way. This is possible and the method is as follows.
1. Open your Yahoo Mail and click on the Options -> Mail Options on the top right corner of the page.
2. Select Contacts Options from the left pane.
2. Select Contacts Options from the left pane.
3. Click on Import/Export under Management column.
4. Go down to Export section and press on the button named Export Now which is infront of Microsoft Outlook and save the file to your hard disk when it prompts.
5. Open Outlook and click on File -> Import and Export..., then select Import from another program or file option and click next.
6. Select Comma Separated Values (Windows) from the list and click next.
7. Browse for the file that you saved in Step 4 then select what to do if it finds duplicate items and click next.8. Select the Contacts item from the list and click next.
9. If you want to map the contact fields manually you can do so by clicking on Map Custom Fields..., most of the time this is not required.10. To do the import click Finish.
WOW you have successfully imported Yahoo contacts to Outlook.
