Sure, first configure Outlook 2007 on you new machine and then move the
pst-file from your old machine to you new machine. After this connect to it
by File-> Open-> Outlook Data File...
If you want it to set as the default delivery location use File-> Data File
Management-> Set as Default
NEVER overwrite your existing pst-file.

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Robert Sparnaaij [MVP-Outlook]
Coauthor, Configuring Microsoft Outlook 2003
http://www.howto-outlook.com/
Outlook FAQ, HowTo, Downloads, Add-Ins and more
http://www.msoutlook.info/
Real World Questions, Real World Answers
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> Can I transfer all data MS Office 2003 on my present computer to my new
> computer equipped wit MS Office 2007? Is this a process a layman can do
> safely?