Outlook Events are defined as being "all day" (lasting from midnight to midnight) and don't block out that time on your calendar. If you want to be more specific about the amount of time the event takes up and have that time blocked out on your calendar, you can easily change the event into an appointment.

1. In the Calendar, double-click the event you created.
2. Clear the All day event check box.
3. Select the start and end times.
4. Click Save and Close.
   You will see the event blocked out on the calendar with the times you selected.