You can copy or move a PST file from one profile to another. You'd then have to connect it in Outlook.
Here's what I would try in order to accomplish what you're asking. First, create the new user account in the User Accounts section of the Control Panel. Log off and log in with the new account. This will create the profile.
Then log off and log back in with another account (not the one you want to copy the settings from). Right-click on My Computer and click Properties. Click the Advanced tab, and then click the Settings button under User Profiles. Highlight the account that you want to copy and click the Copy To button. In the Copy profile to box, you need to enter the path of the new account's profile. You can also click the Browse button and locate it that way. It's usually C:\Documents and Settings\<accountname>.