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I don't know of anyway to do it via the Kindle.
You can do it if you use Calibre to organize and store your eBook files. You can also set it up so that you can email a book to your friend's Kindle or run a Content Server where your friend can download your books.
I also catalog all my books via the website Shelfari - where my friends can go to browse my bookshelves and see what I'm currently reading. There are a couple of similar websites like this. I think GoodReads is probably the most popular.
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