The color-coding ability available for Outlook calendar folders depends on your version of Outlook, with Outlook 2002 doing the best job. See http://www.slipstick.com/calendar/colorcal.htm .
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Sue Mosher, Outlook MVP
Outlook and Exchange solutions at http://www.slipstick.com
Author of
Microsoft Outlook Programming: Jumpstart
for Administrators, Power Users, and Developers