When you click the Hotmail Inbox in Microsoft Office Outlook, the Inbox appears to be empty. Additionally, the preview pane is not present.
This problem occurs when Outlook cannot open or locate the Hotmail cache personal folders (.pst) file. This file is typically created in the following folder:
Drive_Letter:\Documents and Settings\User_Name\Local Settings\Application Data\Microsoft\Outlook\
To work around this problem, select another folder and then reselect your Hotmail Inbox. Outlook creates the Hotmail cache personal folders (.pst) file, queries the headers, and starts the preview pane.
Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.