Yeh, depending on 3DSM version.
File > Save, or File > Export, and choose .3DS
Click keep texture coords, if you've textured the model already
The in O2 File > Import > 3DS Model
Then go though the wizard-type thing that converts textures, if this fails, you can change the texture paths via the Texture Libary (Double-Click texture, right click in one of the 3D views, and press E, and the texture path is in bottom right)
Remeber to watch poly-count, I've imported 3DS model that was about 100,000 polys or something stupidly high like that... Also seems a bit faster to close Buldozer while importing, give it less to do. For big models it can take a few mins, and may seem like it's crashed, but it's not
Hope this helps
- Ben