In the end Outlook 2001 had trouble even running on a real Mac (i.e. not in SheepShaver). I seem to recall that it needed to connect to an Exchange server, but didn't support the newer Exchange authentication. And it may not support the lastest PST format.
For opening PST files, I'd suggest:
- Give into the dark side and run Outlook for Windows, in Fusion, Parallels or CrossOver.
- Outlook 2011 for Mac can import PSTs, but this is one-way.
- There are some utilities for working with PSTs on OS X. For example, see PST Bridge in the Mac App Store. It has a PST Viewer add-on, that lets you view the PST contents without importing.