This may be caused by your security software. Temporarily disable protection and try to open an archived email.
Check Event Viewer-Click Start>type Event in the search box, select Event Viewer from the results, let it gather data, then expand the critical and errors categories. That may provide a clue.
Also, Office Help, search "open archived email"
It may be better to post in the
Office Community forum as the issue is an Outlook 2007 issue.