Bottom line: you need to completely uninstall and reinstall office!
As part of my re-install recently I had to reinstall Office 2007. Not a drama. But when I first started Outlook I made the mistake of not setting up an email account right away (silly me!). Well it turns out that Outlook didn’t really like this, and crashed when getting through the wizard and attempting to display the Home page in Outlook. Probably not a big issue right?
Anyway a few days later I went through setting up my email accounts. Only problem was I would experience a 0x80040154 error when performing the Send and Receive (and of course not get any email). This went on for a few days before I started to realise that missing email might not be such a good idea (but hey the productivity improvement during that time were phenomenal J).
Long story short I had to completely uninstall Office and reinstall it. That’s right, the repair wouldn’t work, plus countless other things I tried based on forum suggestions. So, in the end, this guy probably had it closest to right.
All good now.