I was an early entrant into this thread and just his morning on my SL3, I got the 2004 update and so far it seems to have fixed it.
The disabling of hardware acceleration (Outlook Advanced Options) was a bandaid and while it prevented the hangs and crashes, it resulted in black boxes blocking out non-maximised office windows on a second screen so it was hugely frustrating for a €2000 machine.
But I think it's fixed in 2004 - I've had that version for over an hour now and not one crash when I could easily replicate it but clicking Outlook taskbar icon and then moving the mouse point fast (every time - guaranteed to cause a crash and igfx stopped responding in eventvwr).
Fingers crossed