Assign symbology to multiple layers in one operation?

Question

Is it possible to assign the same symbol to multiple layers of the same geometry type within an ArcMap document in one operation?

For example, I was hoping to:

1. Select multiple layers in the TOC
2. Click on the symbol "patch" or right-click an get to the "Symbol Selector".
3. Apply the same symbol to all selected layers.

Obviously that doesn't work, or I wouldn't be asking. I found an old 2003 posting that talks about how to do this with VBA code. Can this type of operation be done from the GUI in 10.x, or am I just out of luck?