You can include a project in more than one solution. I don't think a project has a concept of which solution it's part of. However, another alternative is to make the first solution build to some well-known place, and reference the compiled binaries. This has the disadvantage that you'll need to do a bit of work if you want to reference different versions based on whether you're building in release or debug configurations.
I don't believe you can make one solution actually depend on another, but you can perform your automated builds in an appropriate order via custom scripts. Basically treat your common library as if it were another third party dependency like NUnit etc.