Problems opening Outlook 2003

Everytime I open Outlook 2003 I get the following error message:
“The file C:\Documents and Settings\Student 2\Local Settings\Application Data\Microsoft\Outlook\Outlook.pst could not be found.”
then I press “OK” I get the same error message but for “archive.pst” then it says it cannot open default folders and shuts down. Is there anything I can do or am I screwed?
I appreciate any help anyone can give me on this matter.