http://office.microsoft.com/en-us/ou...673251033.aspx
This will help you with importing .ics files into Outlook. While in Outlook you can merge your new calendar into your existing one if you so wish (which is what I did). You're actually losing the "subscription" to the .ics so dynamic changes wouldn't be incorporated any longer as it was merged into your standard Outlook calendar .pst file...
In some cases, like my baseball schedule - I don't really care. However, I could see some instances where it would be prudent to keep it separate.