A few of our admin staff where greeted with a nasty little error on their outlook 2007 today.
When someone tried to open emails or create new ones this error would generate.
How i worked around it was i deleted the FORMS folder. It is located at C:\Documents and Settings\(username)\Local Settings\Application Data\Microsoft\FORMS and contains the file FRMCACHE.DAT.
This was on an XP machine so vista will be a little differant and i also had to unhide the system files to find it. Once it was deleted i restarted Outlook and it works again.