The pst file contains ALL your Outlook data - mail, contacts, calendar,
tasks, and journal except the email account information
Yes, but with caveats.
Do NOT paste the copied pst file into the default location - paste into (for
example) your Documents folder and then do File-Open-Outlook Data File
within Outlook.
How to backup and restore Outlook
http://www.howto-outlook.com/howto/backupandrestore.htm
http://www.slipstick.com/config/backup.htm
http://office.microsoft.com/en-us/assistance/HA010771141033.aspx
Ignore the information on exporting and importing - it is not correct and
will cause problems with the data.