office lifeboat hang

Since upgrading to Office 2007 Outlook seems to hang every few minutes. Each time Outlook freezes I can see the OFFLB.EXE process pops up in task manager. If i manually kill the OFFLB process then Outlook works again, however, after a few more minutes the cycle starts and Outlook begins locking up again. Any help on solving this would be great. The PC is a dell GX620 2GB RAM. Problem only started after upgrading OFFice What does OFFLB.EXE actually do?

What I’ve tried:
Uninstalled Office and ran a clean/full install
Patch Windows (XP Pro) and Office with the latest updates, fixes and service packs
Creating a new Outlook profile
Loading in safe mode
I have tried Stopping all On-Access Protection for avast. ???This has seemed to help

Will carry on troubleshooting

offlb.exe is a Microsoft Office Program Recovery executable.