No

I did not recon this feature exists. But anyways...Outlook 2003/2007 delete mail directly, not using trash folder.
Edit:
On client's machine I copied Outlook.pst file, where mail is stored, and it was about 150 MB in size. Ok, I thought, some mail it must contain. So I did follow Microsoft's instructions how to restore deleted items (first edit in hex editor and zero out hex chunks from 7 to 13 in this .pst file, then run scanpst.exe against this file, and it will restore all items, existing and deleted ones).
At first I thought it was sucess, because all deleted items, few thousands of them appeared in .pst file....but unfortunatelly only headers were restored. No mail bodies
That's just for info if somebody else tries the same method.
Edit 2:
I solved the lost mail problem via Windows shadow copies. Restored IMAP .pst file on client machine dated 1 week ago and all deleted mail was there. Maybe it helps somebody.