Refer:http://email.about.com/od/outlooktips/qt/How_to_Minimize_Outlook_to_the_System_Tray.htm
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Minimize Outlook to the System Tray
To minimize Outlook to a stylish icon in the Windows system tray:
- Click on the Outlook icon in the system tray with the right mouse button.
- Select Hide When Minimized from the menu.
Now, when you minimize Outlook is should disappear from the task bar. To open Outlook again, double-click on the Outlook system tray icon.
Minimizing Outlook 2000 and Earlier Versions to the Tray
If you use Outlook 2000 or an earlier version, which do not include the functionality to minimize to the system tray, try OutTray or HideOutlook.
More Info:
http://office.microsoft.com/en-us/outlook-help/minimize-outlook-HA010120590.aspx?CTT=1