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A free (beer) Windows and DOS E-Mail Client for single or multiple users on single computers, or for local area networks. In use since 1990 with a variety of features yet still fast and small.

Pegasus Windows' version 4.12 offers lots of free features (quoted from the publisher):

... a free, standards-based electronic mail client suitable for use by single or multiple users on single computers or on local area networks. It has special support for Novell NetWare LANs that allow it to operate intuitively and with almost no maintenance. Pegasus Mail gives you multiple viewing options; automated rule-based filtering and content control (for spam) ; MailMerge and distribution list functions; support for SMTP, POP3, IMAP4, LDAP, and PH protocols; comprehensive HTML mail generation; address books with aliasing functions; and even a spelling checker.
This update provides many new features, including an XP-style interface and support for SSL.

And most importantly: better than Eudora and Outlook because it's completely free (no advertisements).