Can you share your iphoto library with two users? and can they use there own apple id for photo stream?

My wife and i have two iphones and one mac mini, we basically want to share our photos and music but also have our individual settings, so I have set up two user accounts, i have managed to share itunes successfully however iphoto'11 will not seem to let us both use it without it needing 'repairing'? any help out there?