There are two things you need to do.
First you need to adjust your dial up connection for dial
on demand. Sorry, I can't remember exactly how to it.
Note, however, anything you leave running that demands an
update from the internet will also trigger dial up.
CNN.com, for example, requests a refresh periodically. If
you leave your browser open on CNN.com (let's say), you
will get your dial up will start. This may not be the
only thing that does this.
Second, you will need to make the adjustments to Outlook.
I believe there is a place to set the time period for
refreshing, but on a quick look, I didn't find it.
However, Tool/Options/Mail Delivery tab, there are several
check boxes related to this, such as "Hang up dial
connection after sending".
Hope this helps.