Currently the archive.pst is located in the Application Data Folder.
c:\documents and Settings\username\local setting\application data\microsoft\outlook\
I would like to move it to a second hard disk (D:\archive).
WindowsXP sp3 \ Outlook 2003 sp3
Move the PST file to where you want it while outlook is not running, then launch outlook and do the following:
I think this should do what you want.
This Microsoft Support article explains how to do that:
How to set the location of an archive .pst file in Outlook
I had my archive folders open when I shut down. Don't know if that matters. When Outlook restarted it said it couldn't find the archive (Personal Folders) file, and showed an Open File dialog. I selected the new file. Outlook then reported my Archive as being in the new location with all other Archive settings intact.
depending on the version, it may be that outlook upon startup asks you for the new location.
To play it safe, it can be copied to the new location, included as second personal folder, an then you remove the old personal folder.