The answer yes just follow my instructions below.
Insert the Office XP disk
Click Start > Computer
Open the Office XP computer
Right click the Setup file, click Troubleshoot compatibility
Follow the on screen wizard
Select a suitable version of Windows, Office XP is known to work in, try Windows XP SP2
and proceed with the installation.
Outlook is known to not save passwords, so please see the following:
Outlook not saving password: Outlook on Vista (and Win7)
Personally, I would take the plunge and upgrade to Office 2003 or Office 2007 which both work with Windows 7.
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Hope This Helps You