Then it is possible for the activation to fail. Remember I only have what you write here and not a word if you tried it in a new admin account.
I have Outlook 2007 installed on my Dell studio xps 8100 deslktop running Win 7. I have a small annoying issue with it and I'm thinking the fastest way to fix it is to just reinstall the program.
I'm not sure if MS puts restrictions on how many times you can install Outlook. If there are restrictions I may have to continue to look for another solution.