DCOM timeout sending excel sheet as an attachment

Hi,

I have a user trying to send an excel spreadsheet as an attachment using the
File/Send to/Mail Recipient (As attachment) option. He receives an error
message:

"Cannot start Microsoft Outlook. A program error occurred. Quit Outlook and
Microsoft Windows and then start again."

When he clicks on OK he eventually gets a MAPI failure message.

In the System log is an event 10010 with a source of DCOM that reads

The server {0006F020-0000-0000-C000-000000000046} did not register with DCOM
within the required timeout.

I have run a detect and repair from excel and outlook, I have also
reinstalled Office with no change. If he elects to send the spreadsheet using
File/Send to/Mail Recipient it works fine.

System is Dell GX270 with 256 MB RAM
Windows XP with Service Pack 2 and all updates
Office 2003 with all updates.

Any ideas?

Regards

Scott