Need to defragment Exchange 2003 Database? All you need is 125% of your database in free space, and you are good to go! Check out the instructions  below!

Step 1: Dismount the store: (right-click the information store that you want to defragment, and then click Dismount Store)

Step 2: Open Command Prompt (Start -> Run -> CMD -> OK)

Enter cd Exchsrvrbin

Step 3: In command prompt, enter:

eseutil /d c:\progra~1\exchsrvr\mdbdata\priv1.edb /t d:\Sample.edb

/d c:”       “ is the location of the database you are defragmenting (if it is different than above, you will need to change it)

/t d:sample.edb is the location of the temporary location of the database (needs 125% space)

FOR MORE INFORMATION: http://support.microsoft.com/kb/328804