It is not possible to relocate the default OE Address Book from inside OE, but it is possible by editing a single key in the Windows registry.
\HKEY_CURRENT_USER
\Software
\Microsoft
\WAB
\WAB4
\Wab File Name
You may also change the path to the WAB by using a script, or a batch file that loads a saved registry file (*.reg). This can be very useful to those who frequently reformat their hard disks or who dual boot. You can download the script "change_wab_path.vb~", but you must edit it in Notepad before it will do anything at all. Save the file to your hard disk, then open it in Notepad to read the instructions for use.
Click for more about the WAB in the Files & Settings topic.