My grand adventure for today was installing Office 2007 on this machine. After many error messages and lots of cryptic messages regarding an incompatible OLMAPI32.dll, it all comes down to this bit of advice:
Before installing Office 2007, completely uninstall Office 2003 and reboot your machine. Then, after installing Office 2007, download and install SP1 for Office 2007 before you start up Outlook
When I did that, it came right up. No worries about Outlook--all my accounts, messages, folders, and calendar items were right there.