After searching quite a bit, I seem to be unable to find an answer to my problem. Usually, I find that means it is a non existent or incorrect approach, but I think it worth it to have an answer floating around on the internet nonetheless.
Essentially, we have 4 applications referencing 5 different "source" projects. So the scenario is, when we add a 5th application (for example), we will need to create project references to the other 5 different projects, as the application requires their output.
Its not a difficult task because the amount of projects is small, but it got us thinking. What if you could create a single project, maybe called Libs or something, reference all 5 projects in that project, and then the applications must only reference Libs. The idea seems cool, but I don't know if it will work because when you create a project reference, it points to Libs single output libs.dll.
So to actually ask a question, is this possible, and if so, how can it be done? Currently, having Libs reference the other "source" projects, and then having the applications reference the Lib project does not work, as it says there are missing assemblies.
And just to go over how this was created. The 5 source projects reside in a couple different solutions, so the only tedious part of this approach is "add existing project" at the initial start of the application's solution.