Yup. That's an long standing bug.

by R. Proffitt Moderator - 7/27/11 9:24 AM

In Reply to: Outlook 2007 crashes on loading images by groupecci

Since it works in safe mode it could point to addons and drivers but not which it is.

Your post omitted all the machine details so we can't see what this machine is so for now, one more test.

Boot Windows normally and run Outlook in Outlook's Safe Mode (which is different from Windows Safe Mode.) The result will tell us if this is an OS and Driver issue versus an addon to Outlook.
Bob