Hope this helps someone:
Microsoft Outlook
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Error Installing Office 97 SR-2 If You Are Using Outlook 8.01
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The Office 97 SR-2 Patch is designed to update the programs that are
included in Office 97; however, version 8.01 of Outlook is not a part of
Office 97. Therefore, when you attempt to install the Microsoft Office 97
Service Release 2 (SR-2) Patch on a computer that has Microsoft Outlook 97
version 8.01 installed, you receive an error message. For more information
about this issue, please see "OL97: Error Received Installing SR-2 Patch If
Using Outlook 8.01" (Q195045) in the Microsoft Knowledge Base.
Also note this patch is not cumulative, therefore one would have to install
both SR1 and SR2 to cover all the fixes. This should also be SR2a as SR2
was pulled back by Microsoft after 10 days because of the many new bugs it had.