I think this Microsoft Knowledge Based article may help you. The symptoms and error message seem the same.
http://support.microsoft.com/default.aspx?scid=kb;en-us;287683
Good luck,
Mark
I am running XP Pro and Occice XP sometime ago i had a virus problem ... got rid of the problem but since then I can not open Outlook when I try I get this message "Cannot start Microsoft Outlook, Outlook requires Microsoft Outlook Express 4.1 or greater. You can install Outlook Express by running IE5Setup.exe from IE5 folder created on your CD or through Windows update.
I am using Oulook Express as my mail program and have no problems with it ...Can anyone help me to find a way to get Outlook to open?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic