The default Contacts folder in Outlook is created in each Outlook profile. This folder cannot be renamed or deleted.
1. In Contacts, in the Navigation Pane, click Share My Contacts folder.
Note If you are using the Navigation Pane in Minimized view, in Contacts , click Navigation Pane, and then click Share My Contacts folder.
2. In the To box, enter the name of the recipient for the sharing invitation message.
3. If you want to, you can change the Subject.
4. If you want to, request permission to view the recipient's default Contacts folder. To do so, select the Request permission to view recipient's Contacts folder check box.
Note If you want to request access to a contacts folder other than the default Contacts folder, you must send an e-mail message asking for permissions to that particular folder. This option only requests access to the recipient's default Contacts folder.
5. In the message body, type any information that you want to include.
6. Click Send.
7. Review the confirmation dialog box, and then if correct, click OK.
Revoke or change other people's access to your contacts folders
At any time, you can change or revoke someone's access permissions to your contacts folders.
1. In Contacts, in the Navigation Pane, right-click the contacts folder for which you want to change permissions.
Note If you are using the Navigation Pane in Minimized view, in Contacts, click Navigation Pane, and then right-click the contacts folder for which you want to change access permissions.
2. Click Change Sharing Permissions.
3. Do one of the following:
§ Revoke or change access permissions for everyone
i. On the Permissions tab, in the Name box, click Default.
ii. Under Permissions, in the Permission Level list, click None to revoke permissions or any of the other options to change permissions.
§ Revoke or change access permissions for one person
i. On the Permissions tab, in the Name box, click the name of the person whose access permissions you want to change.
ii. Under Permissions, in the Permission Level list, click None to revoke permissions or any of the other options to change permissions.
iii. Repeat step 2 for each person whose access permissions you want to modify.
Description of permission levels:

You can create custom permissions by selecting the appropriate check boxes and options under Permissions.
For more information please visit:
http://office.microsoft.com/en-us/outlook/HA012341741033.aspx