Outlook crashing for one user only with Event ID 26

I have one user fortunately, he is the president of the company unfortunately for me, that has this issue.
He was giving a new computer with a fresh install because of Outlook crashing with event ID: 26 and it has followed him to his new computer.

Outlook displays a message in the reading pane:

"Unable to display the folder. Microsoft Office Outlook could not access the specified folder location. Another application closed unexpectedly while using your Personal Folder File 'C:\Documents and Settings\President\Local Settings\Application Data\Microsoft\Outlook\outlook.ost' To prevent damage to your Personal Folders file, it will not be available until you close all applications currently using it."



Steps taken:
He was given a new computer with a fresh install of Windows XP and Office 2003 with all the updates via WSUS. The new computer has the same exact issues.
I ran the OST repair utility.
I repaired Office.
I created a new profile on his machines and copied them over.
He was getting SideBySide errors related to C++, I resolved those by installing the Visual Studio 2005 C++ redistributals.
There are no add-ins enabled within Outlook.
There are no PST files.

The Exchange server is running in cached mode. We all have Motorolla Q9m's to access Exchange as well, the phones never sync from the PC, they sync via the internet.

We have been fighting with this for a month.