There are some ways around this but need to make sure Outlook Profile your using is not corrupted also. The outlook folder is on your C: drive unless you moved it?
mail.pst what is the size of this file?
Copy the file to another location other than C: rename it to mail2010.pst
You can then add to your profile as Archive.pst
Would need to remove the current mail.pst from your profile.
This way will force Outlook to use a old pst as your archive and create a new PST so you can open outlook and still have access to the old pst.
This another method.
See I don't store PST or PAB on the same system for reasons like this. If C: get damage or attacked by pest you loose all your PST/PAB history.
Can you tell me how your PST got to this point? Did something happen prior to this issue on your system?