In QTP 9.0 and above, You can use the Object Repository 
Manager to manage all of the shared object repositories. 
This includes adding and defining objects, modifying 
objects and their descriptions, parameterizing test object 
property values, maintaining and organizing repositories, 
and importing and exporting repositories in XML format. 
You can open multiple object repositories at the same time. 
Each object repository opens in its own resizable document 
window. This enables you to compare the content of the 
repositories, to copy or move objects from one object 
repository to another, and so forth.
You can use the Object Repository Merge Tool to merge the 
objects from two shared object repositories into a single 
shared object repository. 
QuickTest provides several options for storing and 
accessing test objects. You can store the test objects for 
each action or component in its corresponding local object 
repository, which is unique for each action and component. 
QuickTest now has a built-in function library editor, which 
enables you to create and edit function libraries 
containing VBScript functions, subroutines, modules, and so 
forth, and then call their functions from your test or 
component.