Download and Install
If you have not done so already, download and install ClearContext.

Select an Inbox View
Once setup is complete, inbox messages will be color-coded to highlight the most important messages.  You can select different inbox views from the ClearContext >Inbox Views menu, or at any time revert to standard Outlook views via the Outlook View menu.

File Messages to Suggested Folders
Click to file to a folder or to file all the messages in the conversation thread with a single click.

ClearContext automatically suggests the right folders to file the message to based on your past email history and recent activity.  All messages in that email conversation will be assigned that folder's Topic.

View Attachments by Folder
Click on a folder and look at the FolderContext pane next to the message list.  The Attachments tab shows all files contained within messages in the folder.  Highlight multiple attachments and select Actions > Save Attachments to extract the selected files  to your hard drive.

View the Entire Email Conversation
At the bottom of each message (2007) or via a toolbar button (2003), the MessageContext pane shows all messages in the current email thread.  Select an Inbox message from a long email thread and open MessageContext to view the whole conversation. 

Enable\Disable MessageContext in Outlook 2007 via ClearContext > Options > Preferences > UI\Toolbar.