Wow. That's an odd one. To be honest, I've never seen that before, but
before you go reinstalling anything I'd strongly recommend you set up a
second Outlook profile and see if the problem disappears.
To set up a new profile you'll have to go to Control Panel > Mail > Click
The SHOW PROFILES button, and then click ADD to create a new profile. You'll
also want to make sure that 'Prompt for a profile to be used' is selected to
ensure Outlook gives you a choice of the old/new profiles the next time you
run Outlook.
And of course, if this is something you're not comfortable doing, make sure
you've got a tech handy. You say this is an Exchange environment, so I'm
assuming you're using a work system.
-Bob