Nope...dragging it to a label just creates a pointer. As soon as I delete the message from the IMAP folder, it deletes from the label's folder as well. Too bad. The ability to create local folders would really make the stand-alone package still a very excellent all around e-mail client. But this deficiency really weakens the IMAP aspect. Folder creation was never part of Opera even though it has to be a piece of cake to have included it, and since the development of this software is over, it may be time to switch--unfortunately.