After applying the patch that Michael Niehaus suggested, cleaning out my Sent Items folder, and Compacting the PST, Outlook 2007 is a lot speedier. There is still a speed issue, in my opinion, but it is better now.
In conclusion, if you’re unhappy with Outlook 2007’s performance, following these steps:
1. Apply the patch.
2. Archive and Delete unneccesary messages.
3. Compact your PST.