I've found some blogs and other articles that seem to imply that you can save an Outlook 2007 "Advanced Find" search as a file (as opposed to as a folder in the "Search Folders" item in your mailbox or PST). As far as I can tell, your only options to save the search is to "Save Search as Search Folder..." but the articles make it sound like the Open and Save As selections can allow you to save the actual search criteria. Instead, Open and Save As only relate to selected items within the search results below. If none of the items below are selected, Save As is greyed out, as is the only option under Open, "Selected Items."
I know, this is 2007, not 2003, and I assumed that this was simply the way things are done, that you're supposed to save search criteria as a branch under Saved Searches. But then why do these articles imply you can party like it's 2003?