It sure does...
First, you should be aware that your Account Settings are NOT contained in the .pst files. THIS IS REALLY IMPORTANT BECAUSE THIS IS ALL THE TECHNICAL STUFF THAT YOU HAVE TO DO TO GET OUTLOOK TO SEND AND RECEIVE EMAIL (POP3, SMTP, authentication, port numbers, passwords, etc), instead of sitting there doing nothing. If I remember correctly, in Outlook 2000 (you're lucky here, 2003 doesn't let you do this), you can go into Tools - Email Accounts and export your account settings. If I'm wrong, you will have to go into the same place and take screen shots (ALT+PrtScr) and paste (CTRL+V) them into a document (Word or Wordpad) of every single setting screen (don't forget to click the More Settings... button to get all of it). You want to keep this in a safe place with your other backups, and possibly print it out for reference. Also, MAKE SURE YOU KNOW WHAT YOUR EMAIL PASSWORD(S) ARE. You can't see them on the dialog because they're stars.
I highly recommend making an Outlook Data folder in your My Documents folder. Make sure Outlook is not in memory (you may have to log out or reboot, or if you know how to stop the service in Task Manager), search you drive for all *.pst files, and move them from the search window into the new Outlook Data folder. You may want to rename your main Outlook.pst to "yourname.pst." Easier to keep track of it.
Now, when you start Outlook, it will have a fit! Don't worry, just browse to the new folder where you put your pst files and select your main Outlook pst file (even if you renamed it). It will connect and regenerate the shortcuts it needs.
You can then go to "File - Open - Outlook Data File" to connect to any other psts you have.
You should then get to your Autoarchive settings and tell Outlook where your archive file is now (in ...My Documents\Outlook Data). Otherwise it will start making a new one buried where you moved out of in the first place.
So why all this fuss?
First, Because MS designed Outlook so it couldn't open its own native files in the conventional way.
Then, in their infinite and inscrutable wisdom,they decided that instead of putting all your important documents (that's really what a pst file is) into the My Documents folder (which they invented for that purpose), they decided to put it into C:\Documents and Settings\User\Application Data, in this case C:\Documents and Settings\User\Application Data\Microsoft\Outlook! Ever wonder where your Quick Launch folder is? Try C:\Documents and Settings\User\Application Data\Microsoft\Internet Explorer\Quick Launch.
Well if you're geeky enough, you can reset most of this with tweaking tools and registry hacks (don't even go there) and put things in places that make SENSE to a human.
You had the right idea when you decided to make a FULL drive backup.
But between backups, if you just back up your My Documents folder (fast and easy), you shouold be cool with Outlook now. Acronis True Image (http://www.download.com/Acronis-True-Image-Home/3000-2242_4-10596480.html) is great for full backups, really easy, and very reasonably priced. Syncback (http://www.download.com/SyncBack/3000-2242_4-10548273.html?tag=lst-0-1, free) makes folder backups fast and easy.
No, I don't have any investments in them!
Some good observations made by Edward ODaniel. And this is NOT as complicated as it sounds. MS is the one that made it complicated. If you follow these steps (jump in with any suggestions or corrections, anyone) it will then become really simple the way it should have been to begin with.
Well, good luck, Pauline, and always TEST your backups!
When in doubt, reboot...