This is relertively simple.
Just cut the .pst file from the c:/doucuments and settings/"your name"/local settings/application data/microsoft/outlook folder to the area you want to store it.
Now open outlook, it will ask you for the new location as it will not be able to find the file in the original location.
Now when you open outlook, it will use the file in the new location.
Hope this helps
WTN