Connecting and syncing folders between user accounts

I have recently returned to the Mac fold after a long absence wandering in the pc desert and have just purchased a 21.5 inch iMac. In setting it up I have created two user accounts, one for myself and one for my wife. I am attempting to set it up so that folders such as pictures, music, downloads, etc. can be accessed by both of us. I'm also hoping that there is a way to make it so that if I upload photos to my iPhoto library they are also synced to her iPhoto library. Is this possible or a pipe dream?