For those that want to change the default path in Outlook 2003 or Outlook 2007, this is how you can do this. I found out today that the only way to change this is by modifying your registry.
1. Open up the Registry windows, by typing ‘regedit’ in the ‘Run’ option under the ‘Start’ button
START->RUN->(type in: regedit)
2. Navigate to the following path:
For Outlook 2003:
For Outlook 2007: