"but no doubt with a new system would have Outlook"
Only if you are planning to fork out fork a copy of MS Office.
You can use the Transfer Wizard to copy stuff from your old machine to the new. This would include your e-mails, docs, pictures and other data files. As the capon crusader remarked, you can't copy over installed programs - you'll need to install them from the original sources.
Incidentally, unlike previous versions of Windows, 7 does not include a free e-mail client, so you'll need to get Windows Live Mail from MS separately, or choose another client (such as Thunderbird).