There are a few OST to PST converters available around, most of them commercial products, with some being better than others. We won't list them here, because we haven't tried any. We have ran into a situation where we've had to get the emails from an OST file. The IT support client did not particularly care what format, as long as they were readable. We've used this free, open-source tool that allowed us to extract the emails in rtf and txt format, and extracted the related attachements.
Example usage: Output all emails in all formats from file.ost
pffexport.exe -f all -m all file.ost
Full details on application usage: