1. Go to exchange administrator and go down to your exchange server. Click on the + so you can see the private information store. Click on PIS once and then click on File; Properties and you will see the deleted item retention time (days) under the general tab.
2. If you use Outlook 2000 as your client, click on your deleted items box, then go up to tools and you will see recover deleted items. If your email that you wish to restore is within the time frame that you set on the admin screen you will be able to restore it fine. If not you will probably have to refer to backups.