Yes.... collaboration is possible.
I used to send the whole project but the other folks didn't have the synths and the FX that I did and vice versa so I found a better, easier way to collab. When I first started collabing I was sending and receiving bundle files .... it was a huge pain and time consuming. Once the file arrived I had to insert new synths and FX for what was missing.....
The easier way to work:
Send them the wave or even the MP3 of the project as it is exported. Be sure to tell them the BPM of the project so everything stays lined up. That way, you can collab using email or a service like drop box to exchange the files and it's so much faster and easier to upload and download the audio file. You can send the entire project as a single wave (mixed to that point) or as individual track waves.... or as MP3 files. Your choice. Using the waves and MP3's you can work across platforms with people who are using something other than Sonar. I recently worked seamlessly with a guy using Pro Tools in his studio.....
The only person who really needs the waves is the one who is doing the final mixing.
ADD: be sure to include the ENTIRE track... that means any count in at the start. I always start my projects on measure 3 allowing measures 1 & 2 as count in and for any "pick up" notes.... do not trim the files.....also allow several measures of silence at the ends for reverb trails to fade to silence.