Advice drawn from http://www.belshe.com/2007/12/06/how-to-install-lookout-on-outlook-2007/ and put in condensed form 

Steps as follows

  1.  Open CMD.exe as admin
  2. cd %systemroot%\assembly\gac
  3. rename Microsoft.Office.Interop.Outlook Microsoft.Office.Interop.Outlook.OLD
  4. echo nul > Microsoft.Office.Interop.Outlook
  5. rename Policy.11.0.Microsoft.Office.Interop.Outlook Policy.11.0.Microsoft.Office.Interop.Outlook.old
  6. Install Lookout120.exe (NOT 130, which crashes when indexing)
  7. Create empty file C:\Program Files(x86)\Lookout Software\Lookout\AppUpdate.log

Lookout120.exe seems to be available here http://speedy.sh/5Bcx8/Lookout120.exe

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