When you remove Outlook it doesn't remove the two folders that store Outlook data files. So you can remove and reinstall at anytime and lose no info.
If you need them to make real backups of data I think the two folders are:
C:\Documents and Settings\Owner\Local Settings\Application Data\Microsoft..
C:\Documents and Settings\Owner\Application Data\Microsoft
Well. I don't have Outlook installed at home but they are right under those directories. All of your .OST, .PST, .OAB etc shoudl be there.
Also, if your at default settings it's necessary to change the options to see Hidden Files and folders and maybe hide protected system files under Folder Options.