Scenario: You want to move your outlook datafiles to another location for some reason, in my case, store them on an encrypted drive. Another reason would be to keep them on a file share for the sake of backup.
Locate the files, usually in C:\Documents and Settings\User\Local Settings\Application Data\Microsoft\Outlook. Move all the files to the new preferred location.
If you have an IMAP account like GMAIL, go to Control Panel –> E-amil –> Data files. Double click the one associated with the Gmail account. It says it can’t find, press OK and navigate to the new location. Click OK.
Now you can open Outlook. If you use any other data files you will now be prompted for their new location.