This is a common error code from Outlook which can be caused by the following :

• There are corrupted files on your hard disk.
• You are running Norton Personal Firewall 2002.
• You are running Norton Internet Security software.
• You have installed an update to Microsoft Office.
• The Norton anti-spam add-in is enabled in Outlook.

Refer to :
http://support.microsoft.com/default.aspx?scid=kb;en-us;318790
for information on how to resolve this.