You can recover deleted items using an easy procedure in your Outlook 2007 only if server configurations
allow retention of deleted items:
under Exchange 2007 server open mailbox store proprties and check "keep deleted items for x days"

follow those steps to recoverDeleted Item with Outlook 2007

1. Open Outlook 2007.
2. open new folder under your mailbox (we named it "delMail")
2. Mark your the mailbox and select the "Deleted Items folder".
3. Go to Tools menu and select Recover Deleted Items.
4. Select the items you want to recover and press "Recover Selected Items".
5. Choose to Move the items "delMail" folder you creatd.