It is compatible.
The file you need is your Personal Folders file (*.pst) It's where all the
mail, calendar, contacts etc are stored.
Take a look at these pages for info on Outlook data backup or transfer:
http://www.slipstick.com/config/backup.htm
http://www.howto-outlook.com/Howto/backupandrestore.htm
http://office.microsoft.com/en-us/assistance/HA010771141033.aspx
Note that some of the information on the Microsoft page is outdated and
contains errors, particularly when applied to Outlook 2003 or 2007.
Specifically:
1. Ignore any advice to copy your PST file to Outlook's default location to
connect it to your profile. Doing so will often corrupt your Outlook
profile. Copy it
anywhere BUT the default location and then open it within your Outlook
profile.
2. Ignore any advice that tells you to use export or import to transfer
Outlook data. That has never been sound advice, but the process has become
too deeply flawed to be of any use.