Craig, I wouldn't use MS Outlook unless you only wanted to schedule meetings, however, it's better than nothing. There are proper software packages out there for scheduling, setting up rosters, integration with existing apps ...etc. Most of the packages start around the $500.00 mark, but, stating the obvious, you have to find a package that meets your requirements.
Here's a couple of products at different price points. The Madrigal product is the more financially attractive product with respect to entry level. Both of the products have evaluation options.
http://www.madrigalsoft.com http://www.schedulesoft.comThese two products can give you an idea of the depth and breadth of scheduling products out there, a step up from a typical meeting maker type software.
Cheers