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Hi Suthish,
This might be help you to solve your problem.
1.Disable all other Outlook add-ins: Outlook Tools menu | Options | Other tab | Advanced Options | COM Add-Ins | uncheck the items. If this solves the problem, then re-enable one add-in at a time until the problem reappears. Note that Microsoft Backup for PSTs can cause these problems. You may want to consider disabling it first.
2.Repair/reinstall Outlook. See Outlook Help menu | Detect and Repair, or see your Outlook documentation.
3.Uninstall then reinstall Outlook fully as a last resort (note do not simply reinstall - you must uninstall Outlook first then reinstall it). Do not uninstall the Office package as a whole, just select Outlook to uninstall. This has a high success rate, particularly with 8007007E-01 and 8007045A-01. Your message stores (psts) and account data will not be lost when you uninstall. On reinstall you will be able to open both Outlook. The one drawback is that if you have applied patches to your Outlook since the initial install, they will need to be reapplied when Outlook is reinstalled. You can do this by going to Outlook/Help/Check for Updates.

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Thanks you for all replies.. Actually the Outlook installation was corrupted. After reinstall, its works.
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Hi Suthish,
This is a permission issue....I have had this kinda problem while trying to open files in network share via web app. You got to either give access for ASPNet worker process for that particular entity (in your case I think you should add ASPNet worker process to Administrators group) or set Identity impersonation as true and give that user access to that particular entity.
HTH