There's nothing magic about the folder in OL 2002. You can create whatever
rules you want and have them move incoming messages to whatever folder you
want. Any message matching the rules' criteria will be handled identically.
Many people using Outlook 2002 find using the SpamBayes add-in
(
http://spambayes.sourceforge.net/) to be a big help in controlling junk.
SpamPal (
http://www.spampal.org/) is a good tool as well.