Collapse the 'Top of Information Store' to display the standard set of folders that Outlook displays. From here select the Inbox folder.
Right-Click the Inbox and select 'Open Associated Contents Table'. This is where the Rule to move emails to Junk is located.
If running Outlook 2003, we will typically be able to immediately identify the entry of interest from the subject 'Junk E-mail Rule' as shown below.
However if we don't see any of the rules with this subject (as is the case for OWA users) we can still identify the rule from its properties:
From the upper pane select the item to inspect. The lower pane will list the properties for the selected item.
Scroll through the properties looking at the 'Value' column. The Junk E-mail Rule will have one value reading 'JunkEmailRule' without any spaces between words.
If found, we almost certainly identified the rule. As a further confirmation, look for the property named PR_MESSAGE_CLASS and make sure this is set to the value IPM.ExtendedRule.Message
Once identified, make sure the Junk E-mail Rule is selected and from the title menu select Actions | Delete Message.
This will open the Delete Item dialog. From here change the selection to 'Permanent delete passing DELETE_HARD_DELETE (unrecoverable)' and click OK.
The Rule is now deleted. We can close the MAPI Editor.
Opening Outlook 2003 now should automatically recreate this rule. This enables the Junk Email folder for IMF and for Outlook 2003 client side anti-spam filter.
If using OWA or earlier Outlook versions, we need to enable this manually from OWA:
Open the mailbox using OWA
Select Options
Scroll down to the Privacy and Junk E-mail Prevention settings.
Set the Filter Junk E-Mail checkbox
Click Save and Close to save changes.
Disable Outlook 2003 Cache Mode
Here is a walk through disabling Outlook 2003 cache mode:
From Outlook 2003 select: Tools | E-mail Accounts...
Select 'View or change existing e-mail accounts...' and click Next
Click Change to edit the Exchange Email Account settings.
From here clear the 'Use Cached Exchange Mode' checkbox.
On clicking Next, a dialog will prompt us that Outlook should be restarted. Click OK and Finish to save changes.
Close Outlook when ready.
References
Tools for Exchange Server 2003 (sorted by name)
Enabling/Disabling the Junk Email Folder
When IMF Skips Email Processing
IMF SCL Configuration - getting it right
How to delete corrupted and hidden rules from a single mailbox in Outlook 2003