If Kemical's solution doesn't address the issue I would do the following
- Go into Control Panel > Programs and Features > Repair Office
- Use procmon to determine what Outlook is trying to access that it can't
- Download from here
- Click on Filter > Filter...
- Change the first drop down to Result
- In the third type ACCESS DENIED
- Click Add
- Click Apply then OK
- Launch Outlook
If you get some entries either post a screen shot of them or save the PML file, zip and upload here.