Outlook should allow separate shortcuts and folders lists.

[Sheldon]

I have twenty or more active projects at any time, and access files from
another twenty or so folders. In Outlook 2000, I had both the shortcuts bar
and the folders bar visible at the same time, allowing access to a long list
of folders. In Outlook 2003, shorcuts and folders share the same bar,
limiting the total number of folders visible without scrolling.

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[DM]

I've shrunk the shortcut bar down to the bottom so that you only get a line
of small icons.
The view settings are too resticted in outlook 2003 to be efficient.