What type of email accounts do you want to manage in Outlook 2007?
If one or both the email accounts in Outlook are setup as an IMAP type then no further action is required.
If both the email accounts are configured as a POP3 type then you may use the new functionality in Outlook 2007 which allows change of the delivery location. In this case, you neither have to create a new Outlook profile nor have to create rules to
deliver emails for the accounts to a separate store location.
Try the steps given below:
Open Outlook 2007, click on Tools > Account Settings > Email
Select the POP3 account from the list then click on ‘Change Folder’ (bottom-left)
Select or create a folder to associate it with the current email account
Check the following link for more information on adding or removing email accounts in Outlook 2007: