There is a Inbox Repair Tool called "Scanpst.exe" which can be used to Scan and Repair corrupted Outlook .pst or .ost files. The "Scanpst.exe" diagnoses and repairs errors in the .pst files. This tool checks the integrity of the file and repairs it by reset of the file structure and rebuilds the headers.
Scanpst.exe is installed when the outlook is installed in the computer at this location - C:\Program Files\Microsoft Office\OFFICE12
Note: It only runs on .pst and .ost files. It doesn't run on the mailbox on the server running Microsoft Exchange.
Steps to run the Scanpst.exe
1. Exit Outlook
2. Locate the Scanpst.exe at C:\Program Files\Microsoft Office\OFFICE12 and double Click on it.
3. Browse and locate the .pst file you want to scan and repair.
4. You can choose scan log option from "Options" and then, Click Start.
5. In the case of error, you will be prompted to start the repair process to fix the errors. A backup file is also created during the repair process and the location of backup file can be changed.
Steps after the file is repaired
1. Start the Outlook
2. Click "Folder List" on the GO menu
3. In the Folder List, "Recovered Personal Folders" may be seen and that may contain "Lost and Found" Folder. Now, create a .pst file and then move all the recovered items.