Since it works in safe mode it could point to addons and drivers but not which it is.
Your post omitted all the machine details so we can't see what this machine is so for now, one more test.
Boot Windows normally and run Outlook in Outlook's Safe Mode (which is different from Windows Safe Mode.) The result will tell us if this is an OS and Driver issue versus an addon to Outlook.
I have Outlook 2007 installed with all the patches up to date.
My problem occurs when I try to open an email with images in it (HTML of course). The images are not present and when I try to load them with a right click, Outlook crashes.
I've Googled and tried several things includind disabling ad-ins, re-installing from scratch.
Note : When trying to open the confidentiality center it crashes as well.
When I run Windows in safe mode (not just Outlook) it works fine, I can see all the images.
Thanks for your time.