I believe you can, but you would have to create a separate (PST) data file for each occurance. Keep in mind that you can archive to a server but the .pst files are not backed up.
Best idea I can think of is create 2 new data files, one for the sent and deleted items, one for the inbox.
Once that is done, Right click on the inbox and go to properties, and under the archive settings, browse to the location of the data file you created for it. (XP: C:Documents and Settings\username\Local Settings\Application Data\Microsoft\Outlook) (Vista: C:\users\username\AppData\Roaming\Microsoft\Outlook) and set up the perameters you want for the archive. Repeat with the Sent Items and Deleted Items. Though I believe you can turn on keep the deleted items on the exchange server and retrieve them through outlook: Tools\Recover Deleted Items.