There is a MAPIFolder.Items.Remove event, but that fires only after the item
has been deleted and doesn't provide a reference to which item was deleted.
You can then handle the Items.ItemAdd event on the Deleted Items folder but
that won't fire if the user hard deletes the item (Shift+Delete) or if 16 or
more items are deleted at one time. Item.Remove won't fire either if 16 or
more items are deleted at once.
That's it for Outlook 2003.