can compressed wood be made suitable to be used outdoors?

Hi Pudge...

You'd have to wrap-it in formica or vinyl sheeting 
and marine grade plywood woulw do just as well...Good 
Luck...E.T.

If you are referring to "flakeboard", the answer is YES.
It can be used outdoors but it must be kept thoroughly
painted, including all the edges. No horizontal surfaces
such as table tops where water will stand after a rain.