Outlook 2007 Crashing error 0x0003bb5c

I came across an issue, where Outlook 2007 upon every attempt to open it crashed. In the event log it showed an error code of 0x0003bb5c, the PC had Windows XP with SP3 installed. Full Event Log Meggae; Faulting application outlook.exe, version 12.0.4518.1014, stamp 4542840f, faulting module mso.dll, version 12.0.4518.1014, stamp 4542867b, debug? 0, fault [...]