What happens when you restart ? Do you get the same error ? Are you able to start Outlook in Safe Mode ? If all else fails you could try a repair install
There could be the following reasons of this error:
• Your Microsoft Outlook account got infected with virus and .pst file has been corrupted
• The inbox.msf file of your account is lost or damaged
In first case, you need to scan your outlook with a good anti virus software. In case of missing or corrupted inbox.msf file, try to repair your MS Outlook account using MS Office CD.