I was just wondering if it is possible for two people to write one story. Tips on how to do so would be appreciated greatly.
This is done frequently. I have never done this myself; but I would assume you just divide the work however you both see fit.
People often write stories together. That's something that happens for script writing a lot. You definitely need to have the same ideas and have to outline your work. I doubt co-op will work well with character-driven stories. You should set up a plot-driven story and follow each other's guidelines to the letter. If you want to change something, you'll need to make sure your teammate knows. In co-op, there should be a main writer. I don't think you should switch back and forward too much unless you have the same style of writing. Writing together in the same place at the same time will mend a lot of problems. That's a big team exercise that requires a lot of communication.
of course it's possible, though only a comparatively rare few writing partnerships ever make it to the big time... but there's no formula for making it work... each successful writing team [e.g., pournelle/niven] sets their own method... what works for one team may not work for another... don't just do whatever someone else does... do whatever will work best for you and your writing partner...