In SQL Profiler 2005, is it possible to capture a result set in a SQL trace, so that I could see corresponding queries with result sets? ...Or is it only a one way trace?
No, you can't get the resultset produced by a query included in an SQL trace. You can only tell various statistics about the call (i.e. the query executed, duration, reads etc etc).
Output parameter values are recorded in the trace (if you parse TextData), and you can get it to include the rowcount info in the trace alongside the query. It just won't show you the actual resultset returned by the query.