Yes, it's possible but you will need an application that can read DS2 files recorded by Olympus DSS. Unfortunately, the player they provide is extremely limited. It only plays the files and that's it. There is no way to configure the transcribing process. My advice is to use the WAV export format and then install another application that has advanced features to complete this procedure.
You can use Express Scribe as an alternative: http://www.nch.com.au/scribe/