If you are referring to Exchange 5.5, then no. You still have to create
a new server and dump the information store to it. 

If you are referring to Exchange 2000, then no... You need to set the
retentions in Exchange 2000 to give you individual mail support
(deletion) and mailbox deletion. Heads up if you are using Active
Directory. Exchange 5.5 still touches the AD, and if the profile is
damaged there then so is the mail.. Must be a Microsoft thing. Modify
one area, and something unrelated it broken.

Joe Cascanette