Hi,
Are you using both the office 2003 and office 2007 in your machine? If yes
then first uninstall one of them. If the problem is still there then you need
to do the register the .dll file to your computer registry. To do so open
command prompt and type,
regsvr32 olmapi32.dll
After that reopen the outlook and make a new profile.
Hope it will solve the problems!
If you think that few of the files get corrupted in doing the
uninstall-installation process then you can try the <a
href="
http://www.repairpst.info">outlook PST repair</a> software.