Right been looking around for clues with this, but if the emails are important please await confirmation from others who know more than I do about this area, but logically you should not lose anything, to lose something you'd have to delete it (not counting corruption as thats out of our control), and as from what I can understand from the above all you will be doing is creating a new user account initially, so the old one will still be there, therefore that data will be as well, but do wait for confirmation to be safe.
Now looking around a suggestion is that this error is often associated with add in's, so try disabling these by clicking on Tools -Options - Other - Advanced Options - Add-In Manager and COM Add-Ins, unfortunately I don't have that version so I can't check and see what you will, so you will hopefully be able to use common sense and see if this helps.
Another thought, have you looked in the event logs to see if that offers any clues ? click Start - Control Panel - Admin Tools - Event Viewer.
I also saw the following suggested:-
Try starting Outlook in safe mode. Click Start>Run. Enter "outlook.exe
/safe" (without the quotes but with the space) in the Open field and click
OK. Does the problem still occur?
Source.
Another comment I've seen about the 07 version, is to open outlook, and leave it open, then shut down the system, do NOT close outlook yourself, let the system do it, the suggestion is that letting the system do it that may satisfy the error to a proper closing of it, with luck anyway, but this one should be safe to try without confirmation because your not changing anything, your simply opening the program, then shutting down the system, but I really hope something here helps anyway.