If you go to the key:

HKEY_CURRENT_USER\Identities

Open that and there should be sub keys for each identity with a long number like"{26E20245-7E51-473F-9F02-C701C697ED02}". each of these long numbers represent an identity and each should have subkeys like:

\Software\Microsoft\Outlook Express\5.0, and about 15 subkeys under that with all the OE settings and rules. The easiest way to back up all Identities at once is to just go to:

HKEY_CURRENT_USER\Identities

And select export from the file menu and give it a name like allIdentities.reg That will get all of them in one shot.