i don't think so its possible, and if its possible then i am 100% sure, it will create a mess, as outlook 2007 comes with new featues and some internal format to manage pst, which outlook 2003 can no way understant it.
But you can try this workaround.
Creat a pst file on outlook 2003 and then open it in outlook 2007, and then drag drop all email items to the pst and then open the pst back in outlook 2003.
let me know if that works.
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by: PBAMarkPosted on 2007-11-06 at 03:49:35ID: 20222979
"Convert your Outlook 2003/Office Outlook 2007 .pst file to Outlook 97-2002 format
m/en-us/ou tlook/ HP01 2319871033 .aspx
There is no automatic procedure to convert an Office Outlook Personal Folders File (.pst) to the older format Outlook 97-2002 Personal Folders file (.pst), which has smaller capacity and no Unicode support. The easiest way to do so is to create a data file in the older Outlook 97-2002 Personal Folders file (.pst) format and then import items from the newer data file format to the older .pst file format."
Taken from this link:
http://office.microsoft.co