This can be done using a custom url scheme on the iphone, with some caveats.
If you use a custom url scheme, only one app "owns" the data. The other app would have to import data from the main app... Mobile Orchard did an article on this for moving data from a lite app to a paid for app
http://www.mobileorchard.com/lite-to-paid-iphone-application-data-migrations-with-custom-url-handlers/
But I recently came across an MIT licensed library called "SwapKit" that may do exactly what you want as well... Sounds good from the overview on their site, though I haven't tried it:
http://infinite-labs.net/swapkit/
and this may or may not be of any help, but check out "SpyPhone" too:
SpyPhone shows the kind of data a
rogue application can collect in a non
jailbroken iPhone.
http://github.com/nst/SpyPhone