Hi,
Create one test user on exchange server. Try configuring test exchange account in outlook 2007 and at the same time check the connection being establish or timewait on the client side along with port numbers through command line mentioned below.
netstat -n | find "enter you exchange server IP" in case if the connection is being establish on the different port which is not allowed under your firewall then you also have to allow that port on the server firewall and check if it works.
Meanwhile I would also suggest you to configure test exchange user account with using exchange server IP address and check if it is working for you.