I have never used Outlook and never wish to use it. The only products I use from Office are Word, PowerPoint and Excel.
Can I just drag Outlook to Trash. If delete Outlook will this affect the other products in any way?
Office for Mac has no dedicated uninstaller for single applications. You can just drag Outlook to the Trash and be done with it.
As explained in the official uninstallation guide from Microsoft, there are some files Office creates that you might have to uninstall manually too if you really want to get rid of everything.
OS X will know that there's no Outlook e-mail application anymore and consequently your system will behave as if you had never installed Outlook.
If anything does not work, remove Office completely as explained in the link above and reinstall it without Outlook.