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I actually work in IT support for one of the big banks and this is a constant problem for people. Our solution is archiving: as h0ughy mentioned, create PST files. The process seems a lot more intimidating then it really is, it's very easy once you've done it once or twice, but do NOT put them on your C drive! C drives are fragile, it doesn't happen often but in out 1000 user building, we have a hard drive die every couple of weeks, and then the data is gone for good!
Back up PST files onto CD or a network drive if you have it.
look up "create office data file" or simply "archive" in outlook help and it will walk you through the process.
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