You might be missing something, but given the tremendous variety that's possible in Outlook setups we'll need more info.
Well, firstly - how did you install Outlook? Did you install it as a supported application, i.e. you selected Outlook 2007 (or Office 2007) from the list of supported applications, then selected your installer .exe or inserted disc, and proceeded from there? If so, did all of the necessary dependency packages such as .NET 1.1 install successfully prior to the installation of Outlook?
Assuming they did, the main question is: what type of email account/server are you connecting to? Is this an Exchange server? And if so, is it on the same LAN that you're on, or are you connecting via RPC over HTTP? Or is this a hosted exchange account? If not an exchange server, what type of email account are you using?
Lastly, did you set up your account to remember your password? If so, you might try again without this setting - for Outlook to launch, bounce for a while, and then quite implies that the problem might be in the initial handling of a saved password for authentication.