Import Outlook 2011 mails and mail boxes

Question

Is there any method available to import outlook 2011 mails to apple mail.
I am using lion Os and have office 2011 for mac in my system.

I have all the emails sorted out in several folders which I do not want to be vanished.
All the mails are important including their respective folders.

Is it possible to move the mails as they are in folders to apple mail.
Looking forward for answers/solutions.