I haven't heard the song all the way through for years but it's an intriguing prospect.
The wikipedia thing about the Outlaws mentions that Billy Jones is apparently panned to the right stereo channel in the mix? If you have a player that will allow you to run it through one side, hearing one of the guitars at a time might make it easier to study. A lot of two guitar stuff (I have been fiddling around w/ the Allman Brothers quite a bit lately...) is challenging just to figure out which guitar is playing what, particularly when they are tossing it back and forth. A 'cheaper' way to do this is w/ an iPod and just take one set of headphones out of your ear too.
I would not worry about figuring it out note for note either, work on figuring out which key/ chord the solos are coming from (again, w/ three guitars firing away, this could be challenging) and then whether the runs are closest to major, minor, pentatonic or some variation thereof. I'd take mugrila's suggestion and run with it but, if that doesn't catch it, you should eventually get in the ballpark of what the guy on the record is playing.
I just got Guitar Hero and playing real guitar is WAAAAY easier for me. When MrsAcidRock is rocking out on GuitarHero, I have been sneaking off into the other room to figure stuff out on my IRL guitar...

. We went to the Gibson Factory in Memphis last week and I got to play with several sweet guitars and was relieved that I could keep up w/ the 13 year olds jamming out...
