I have 3 solutions and solution A requires built versions of the dlls from solution B and C in order to compile. it is not possible to merge it to one solution...
So far
You can try to automate the merge process to save some time: http://code.google.com/p/merge-solutions/
Although we had slightly different problem: about 15 solutions (~150 projects in total) that were using one common library. The problem was that if we tried to merge all of them into one in order to refactor / exterminate redundant code from common library. 1. merging 15 solutions involves a lot of clicking and waiting in VS 2. resulted solution was never up to date - nobody bothered updating it because of its size