Recently I got a new laptop -HP Compaq nx6325. I partitioned the hard disk into three -C, E and F. I installed Windows XP SP2 in C and Windows Vista in E. Next was Office suite. I installed Office 2003 in C in the XP partition and Office 2007 in E in the Vista partition. I put the Outlook .PST file in F drive. Now I configured Outlook 2003 (part of Office 2003) and Outlook 2007 (part of Office 2007) to use the same .PST file. Surprisingly, both are working fine. Now I can work in XP or Vista and use my mailbox without any problem. I am thrilled.
Fellow MVP Sudhakar adds – Outlook 2003 and Outlook 2007 both uses the PST file standard only. And MS has not changed the PST file format. So if you write your own application which deals with the same PST file, It can also simultaneously run along with Office suite. But Office 2007 specific items like RSS, Infopath storage, sharepoint lists are still managed on seperate OST files on client.