In my office desktop, I have lookout installed to speed up searches in Outlook 2003. Lookout started crashing frequently for the last couple of days, I was not sure what the reason was and I tried to find the solution online.
After trial and error, I found out that I have recently installed Outlook connector as part of Windows Live package (I wanted to install only Livewriter but mistakenly installed outlook live connector). Once I uninstalled Live connector everything is fine and lookout is able to index my mails without any issues.
I hope this post will be of help to someone who runs into the same issue.