When launching Outlook 2010 in Windows 7. I have installed Office 2010 on virtual PC with XP and it launches fine.

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I encountered this problem and resolved it by disabling four "ReadyComm" services. ReadyComm is a program that came on my Lenovo tablet and cannot be uninstalled. Disabling it though allowed credential manageer to find credentials and thus allowed Outlook 2010 to open. I guessed the problem by studying the epidemiology of problem reports on Internet tech support forums. All instances of this problem where computers were adequately identified were systems that came with manufacturer-supplied credential-handling software like biometric readers, password vaults, touch login pads, etc. Windows credential manager needs to be more self-aware so that it recognizes when its own looking for credentials becomes vain. Also, Office 2010 home/student edition has no business replacing licensed software like my standalone version of Outlook 2010 with its temporary licensed promotional copy of the same program.