I know that in Outlook ’07, I have the options of opening up someone else’s
contact folder (default or newly created folder), but I am stumped as to how
I can share a folder between several people, and have that folder serve as
the one which then syncs with all of our handhelds via Activesync.  

In other words, I want to have everyone have their default folder be one
large shared folder, in which we can each add our own contacts (and be the
only ones that are allowed to delete our own created contacts), as well as
edit others’ contacts.  So if I create A contact, and my colleague creates B
contact, I want both of us to be able to edit each one, but only I should be
able to delete A, and he to delete B.  And then the shared folder in which
both of these reside, I want to act as my default contact folder for purposes
of synching through Activesync.

Thx for any help.