R, from my limited experience as a one time user of Exchange/Outlook (and out of date since I stopped working) rjt70 is spot on.
The PST file(s) are on your pc and hold emails that you have moved into a folder on your pc. There should be no correspondence with anything on a server, so what happens to the server is irrelevant. You can have one or more PST, each having different contents.
You can set up "offline working" which means that your emails download/upload from Inbox / Sent folders, when you connect to Exchange. It's a standard way of working for anyone with a business laptop.
JH
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