I use "Missing Sync" from Mark Space. Its a bit pricey but does exactly what I wanted - syncs my standalone outlook (I use 2007) to my Droid over wireless. I sync my contacts, calendar, notes, etc. I know you can sync contacts through Gmail but I didnt want to go through gmail - I wanted to sync direct.
The desktop app is the one you need to purchase. The Missing Sync app for your phone is free. You also need Fliq Calendar and Fliq Notes (both of which are free) on your phone.