PSTs are not encrypted the way you would think. They do not use a standard encryption scheme, but a custom one. From the PST specification. http://msdn.microsoft.com/en-us/library/ff385210%28office.12%29.aspx
4.1 Strength of Encoded PST Data Blocks
This protocol uses two keyless cipher
algorithms to encode the data blocks
in the PST. These algorithms only
provide data obfuscation and can be
conveniently decoded once the exact
encoding algorithm is understood.
Moreover, only end-user data blocks
are encoded in the PST. All the other
infrastructure information, including
the header, allocation metadata pages
and BTree pages are stored without
obfuscation.
In summary, the strength of the
encoded PST data blocks provides no
additional security beyond data
obfuscation.
4.2 Strength of PST Password
The PST Password, which is stored as a
property value in the Message store,
is a superficial mechanism that
requires the client implementation to
enforce the stored password. Because
the password itself is not used as a
key to the encoding and decoding
cipher algorithms, it does not provide
any security benefit to preventing the
PST data to be read by unauthorized
parties.
Moreover, the password is stored as a
CRC-32 hash of the original password
string, which is prone to collisions
and is relatively weak against a
brute-force approach.
Microsoft say
We recommend that you use Encrypting File System (EFS) or Windows
BitLocker Drive Encryption to help secure the data in a .pst file. The
Compressible Encryption and High Encryption options provide only a
basic level of security.
from http://support.microsoft.com/kb/829971