If you delete an email, it goes to your Deleted Items folder and stays there until you empty the deleted items. If you empty your deleted items, then realize that you actually want one of the items you just deleted, you have one week in which you can recover the item.

Outlook 2010

1. Select your Deleted Items folder.
2. Go to the File tab on the ribbon.
3. In the Clean Up group click Recover Deleted Items.
4. Select the item(s) you would like to recover.
5. Click Recover Selected Items.

Outlook 2007 

1. Select your Deleted Items folder.
2. Go to Tools > Recover Deleted Items…
3. Select the item(s) you would like to recover.
4. Click the Recover selected items button.

Please note: You can only retrieve an item emptied from the deleted items folder for one week.

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