How do I create a brand new profile and retain all the information in my existing pst?

I have years of important data in the pst file with my Outlook 2003 account. What are all of the necessary steps to follow to ensure that the new profile is set up correctly, and all of the data transitions properly?
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Backup your PST to a different Location.
Open Control Panel -> Mail.
Create a New Profile through that.
It will create a New pst for that Profile.
Click on the Data Files button and Add you old PST .
Set that pst as a default data file and you are good to go.

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Right, the PST isn't bound to your outlook profile, it's just a file probably sitting on your C: drive somewhere.  Anyone with file level permissions can attach it to their Outlook.
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