You have to use the ODBC Data Source Administrator in Windows to setup the connection:
http://msdn.microsoft.com/en-us/library/ms714024(VS.85).aspx
There is no ODBC driver for PEAR MDB2 yet. You will have to use PEAR DB:
http://www.easysoft.com/developer/languages/php/pear-db-odbc.html
Your probably better off porting the database to another back end though. This sounds eerily like a project I've worked on in the past.
-JI »