A B-737 FLC CLBED THROUGH CLRNC ALT OF 10000 FT DURING DEP. THE CALLOUTS WERE GIVEN BY THE FO; BUT THE CAPT MISTOOK THE FO'S 10000 FT CALL FOR THE PROCEDURAL 10000 FT CALL; AND CONTINUED TO CLB WHILE FOLLOWING THROUGH WITH 10000 FT PROCEDURAL CHKS.

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WE WERE IN OUR INITIAL CLBOUT PHASE FROM DEN ENRTE TO SLC. THE CAPT WAS AT THE CTLS AND WE HAD JUST TAKEN OFF ON RWY 34 AT DEN. PASSING 9000 FT WE WERE TOLD OF CONVERGING TFC AT 2 MI AND 12 O'CLOCK. I MADE OUR STANDARD 1000 FT PRIOR TO LEVELOFF CALL (PASSING 9000 FT FOR 10000 FT) AND WE JUST BROKE OUT OF THE FIRST CLOUD LAYER. I CALLED OUR TFC AT 12 O'CLOCK; 1 MI; 2000 FT ABOVE US. AT THIS TIME WE WERE TOLD OF A SECOND CONFLICTING ACFT AT 12 O'CLOCK; 3 MI; AND GIVEN A HDG OF 260 DEGS. WE STARTED THE TURN WITHOUT SIGHT OF THE SECOND ACFT; BUT WE DID HAVE A TARGET ON TCASII. AT THIS TIME I WAS BACK IN THE COCKPIT AND SAW WE WERE PASSING THROUGH 9800 FT AT APPROX 2500 FPM CLB. I IMMEDIATELY CALLED OUT '10000 FT' TO ALERT THE CAPT BUT TO MY CHAGRIN WE HAVE A STANDARD 10000 FT CALL IN WHICH EXTERNAL LIGHTS ARE TURNED OFF AND THE BELL IS CHIMED TO INFORM THE CABIN CREW OF THE END OF OUR STERILE COCKPIT PROCS. SO AS I CALLED OUT '10000 FT' AS OUR ALT WARNING; THE CAPT STARTED TO PERFORM HIS DUTIES. I IMMEDIATELY CALLED OUT 'ALT' AT WHICH TIME THE CAPT PERFORMED AN ALT RECOVERY PROC AS DEN DEP TOLD US TO RETURN TO 10000 FT. THE CAPT MADE HIS RECOVERY BTWN 10400-10500 FT AND QUICKLY RETURNED THE ACFT TO 10000 FT. CORRECTIVE ACTION: EITHER ALLOW THE PNF TO PERFORM ALL THE CHKS AT 10000 FT OR MAKE IT A CHKLIST ITEM THAT THE PF WOULD HAVE TO INITIATE; THEREBY OMITTING ANY CONFUSION.