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I've run into an issue with a lost password for an Outlook 2000/2003 .pst file.

I have read enough to know the password isn't terribly secure. Does anyone know of a utility that would let me recover the original password or generate a functional equivalent?

You could give this a try, or perhaps this (Can't vouch for either, though)

this sounds promising
http://www.slipstick.com/problems/lostpw.asp

i cannot voice for it though