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Lookup relationship for multiple fields

I'm not sure if this is possilbe, but is there a way to build a lookup relationship that pulls info over for more than one field?  I want to have a lookup on a field called Parent ID.  When you look up the account and select it, it pulls the ID from that account into the field on the new account.  This is an ID from my Enterprise software, not SFDC.  Also I want it to pull the Parent Name from the other acct to the Parent Name field on the original.  Make sense?  Is there a way to do this?  I also want to make the Parent Name field a lookup and do the same thing in reverse.  But, if I cant do it one way theres no point in pursuing both.
Any help would be much appreciated