Just to be sure it is mcAfee I would disable first and then attempt to initialize Outlook. I would do this several times to be sure and if you receive no BSOD's then we're pretty sure that is it.
There are plenty of good anti-virus programs out there. Kaspersky and NOD32 are #1 and #1A. Great detection rates. NOD32 takes quite a lot of initial configuration. You download both from the internet. They cost $ but are well worth it. They update consistently. AVG is a free anti-virus program and many people like it.
For security suites Kaspersky with good firewall.
As for a firewall, well that is the eternal question. A good software firewall is the endless quest. It doesn't mean they don't exist, just that the qualities fluctuate and what may do well on one PC may not on another machine.
Here are 2 good that are free: Zone Alarm Free and Comodo. Many people like both and both have their own forums.
The other is probably Sunbelt's Kerio Personal Firewall in both free and $ forms. I have the $ forms and it has caused me a ton of BSOD's in four different versions. It is a shame, too, because otherwise it is easy to set-up and protects well. But you may have no problem whatsoever. I know people that have run every version and haven't gotten one - not one - BSOD.
Here is what I run: Router (I sure hope you have one), NOD32, Webroot's Spysweeper (their shields have protected my tush more times than I can count), and Kerio Firewall. Absolutely zilch infections.
One other thing, and I refer to cpc2004's recommendation. Keep your eye on daemon tools because a number of people have had crashes because of a certain driver or drivers related to this software.