Files with .PST extension represent Outlook Personal Storage Files (also called Personal Storage Table) that store variety of user information. User information is stored in folders of different types that include emails, calendar items, notes, contacts, and several other file formats. PST files are used for archiving emailing data offline that can be later loaded and viewed in various applications.
Files with PPSM extension represent Macro-enabled Slide Show file format created with Microsoft PowerPoint 2007 or higher. Another similar file format is PPTM which differs in opening with Microsoft PowerPoint in editable format instead of running as Slide Show. When run as slide show, the PPSM file shows the presentation slides with contents intact in the slide show and is in read-only mode by default. PPSM files can still be edited in Microsoft PowerPoint by opening it in PowerPoint.
You can also convert PST into many other file formats. Please see the complete list below.