You may choose which data to synchronize (Calendar and/or Contacts) by clicking on Tools -> Options. You'll also be able to change the port number in case another application is already using the default 21114 port on your PC.
When the "Synchronize deletions" option is checked, Outlook-Android sync will delete items from the opposite side whenever it detects a deletion, keeping the two sync sides identical. Users often choose to turn this option off for 1-way synchronizations and keep it on for a 2-way sync.
