Ideally, you will have to use the Control Panel to create a new profile in Outlook 2003.
You can try the steps once again as these are quite easy :
1. Exit from Outlook.
2. Go to Control Panel -> Mail applet. Note, Choose User Accounts category -> Mail applet if If you are in Category view.
3.Click on Show Profiles button.
4.To make a new profile click on Add button without copying the existing profile and just follow the steps as mentioned in the wizard for creating the profile.