Have you to tried rebuilding the database? If not quit any open Microsoft applications, hold down the option key and launch Outlook. This will open the database manager and give you the option to rebuild the corrupted identity. If you have already attempted this it's certainly worth trying again. If it won't rebuild you should restore your identity from your Time Machine backup. If you don't have a backup and your email account is imap based, then delete your identity and set it up again, you won't lose anything. If you've done all this without success and your email is pop based you've likely lost your Outlook data. In most cases identities that corrupt are very large, usually 40/50GB upwards.
The damaged database is part of your Outlook identity, it contains your email account data. Reinstalling Office won't bring it back, if it's lost it's lost. If all is lost simply delete the Outlook identity and start again by setting up a new one, reconfiguring your email account.