Erase Outlook E-Mail



I have read elsewhere in this board that one can not erase e-mails from Outlook 2000 without erasing the entire PST file. In my office we use Outlook 2003, and I'm assuming that the same this is true of this version of Outlook as well.
I'm wondering, therefore, if it isn't true that what we're stuck with is the following procedure.
1) Export the entire contents ot the PST file to a temporary PST file to hold them.
2) Erase the main PST file.
3) Import from the temporary PST file created in step 1 those items you want to retain.
4) Erase the temporary PST file.

Whew :( That seems like an elaborate process. Can any of y'all think of a better way of doing it, and/or do any of y'all have any reason to believe that this procedure will not work well?