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If you want to share a specific folder in Outlook with a colleague follow these two part instructions.

Allow a person to see your mailbox

In the Navigation Pane, under Favorites, right click on your mailbox name (e.g. myname@law.utexas.edu).
From the drop down menu, click Folder Permissions.
Click on the Add box, and from the list select the person whom you want to share with and click Add ->.
Under Permissions, click Folder visible.
Note: This does not give someone access to your Inbox, it merely allows them to see your mailbox.
Then click OK to accept the changes.

In the Navigation Pane, right click on the folder you wish to share.
From the drop down menu, click Folder Permissions
Click on the Add box, and from the list select the person whom you want to share with and click Add ->.
Note: The person you add must also be able to see your mailbox.
Under Permissions, in the Permission Level list, click Publishing Editor or any of the other options.

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You can create custom permissions by selecting the appropriate check boxes and options under Permissions.