Microsoft sent me a free copy of Office 2010 but I have never installed it so at this point I use 2007 and hopefully someone else can help you better.
If you are talking about 11 folders that you created in Outlook then yes you can delete any of them you don't need but if they are folders that correspond to online folders then they will likely be recreated.
I suspect your issue may simply be too much mail. It has to log on to your hotmail/google/POP mail accounts and retrieve your mail each time. What might speed things up is if you set it to download your mail and delete it from the server, that way what is stored out there is smaller so there is less work. I do this with my POP mail.
I do not use outlook for hotmail/google/IMAP account so I don't know the settings but if you can't set it to pull down and delete from online then maybe you can set it to only pull your INBOX. Then if you create folders online and move old mail out of your INBOX so it is very clean (Personally I keep a max of 10 items in any one INBOX) then it is very quick.
Less mail, less time synchronizing.
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