Most common reason for the error messages "Outlook Express could not be
started because Msoe.dll could not be initialized" and "Outlook Express could
not be started. The application was unable to start the Internet Account
Manager." when attempting to start Outlook Express is due to missing or
corrupted information in the Outlook Express Identities registry key.  For
more details see KB 245419 - "OLEXP: You Receive an Error Message or Are
Unable to Start Outlook Express" (http://support.microsoft.com/?kbid=245419).
Check this KB as it explains how to remedy this error.

Other possibilities, although less likely include:
MS KB 296512 - "OLEXP: Error Message: Outlook Express Could Not Be Started
Because Msoe.dll Could Not Be Loaded"
(http://support.microsoft.com/?kbid=296512) where the problem is due to
problems with the Address Book.
MS KB 272265 - "OLEXP: Error Message "Outlook Express Could Not Be Started
Because MSOE.DLL Could Not Be Loaded" When You Start Outlook Express"
(http://support.microsoft.com/?kbid=272265) where the problem is caused by
mixed file versions
MS KB 232480 - "OLEXP: Error Message: Outlook Express Could Not Be Started
Because MSOE.DLL Could Not Be Loaded"
(http://support.microsoft.com/?kbid=232480) where the problem, similar to the
one above, is due to uninstalling a later version of IE/OE.