You can use cross-project referencing as in the posts but this has several downturns.
I use this setup that works on Xcode in general (not only for the iPhone) and adds compile-time static library version control.
I put my static libraries in ~/Library/MyLibraries/, the .a archive along with their public headers. This way you can have different versions of them:
~/Library/MyLibraries/
/MyLib-1.0.0/Headers/header1.h
/header2.h
/libmylib.a
/libmylib_debug.a
/MyOtherLib-2.1.0/Headers/...
/libmyotherlib.a
Then in Xcode settings add the user variables:
LIBRARIES_DIR $(USER_LIBRARY_DIR)/MyLibraries
MYLIBRARY_LIBROOT $(LIBRARIES_DIR)/MyLib-1.0.0
and modify the settings
HEADER_SEARCH_PATHS $(MYLIBRARY_LIBROOT)/Headers
OTHER_LDFLAGS $(MYLIBRARY_LIBROOT)/libmylib.a
Now change MYLIBRARY_LIBROOT to choose your library version. More on this blog post by myself ;)
If you want to keep it simple then just compile the library and setup HEADER_SEARCH_PATHS and OTHER_LDFLAGS.