I found these steps on a cached google page:
If you are using Microsoft Office 2003 and Windows Vista, you might run into a situation where the End User License Agreement pops up every time you start Outlook, Word, Excel or other Office programs. No matter how many times you click "I agree", the license keeps appearing.
To stop the EULA from appearing, follow these steps:
Close ALL Microsoft Office related programs (Outlook, Publisher, Powerpoint, Excel, or Word)
Click Start --> Computer
Double-click the C drive (your primary hard drive)
Double-Click the Program Files folder
Double-Click the Microsoft Office folder
Double-Click the Office 11 folder
RIGHT Click on any of the Office applications (Winword, Outlook, Excel)
Click Run as Administrator
The program will start and ask you to agree to the EULA (agreement) again and click I agree or Yes
Close the program
Close all open windows
Problem
Each and every time Outlook, Word, or Excel is opened, you must agree to the End User License Agreement.
Synopsys
When agreeing to the EULA, the user does not have permissions to make the requested registry changes.
Solution
Open the program running as an administrator. This can be done by locating the executable (%ProgramFiles%Microsoft OfficeOffice{Version}) and running it as an Administrator.
Windows XP:
Click Start
Then Run
Type: %ProgramFiles%Microsoft Office
Press Enter
Double click the “Office##” folder and find the program needed (EXCEL, MSACCESS, OUTLOOK, WINWORD).
Click the program once to highlight it, and then right click the program and choose “Run as..”
Authenticate as an administrator.
Windows Vista & Windows 7
Click Start
Type the following into the search box: %ProgramFiles%Microsoft Office
Press Enter
Double click the “Office##” folder and find the program needed (EXCEL, MSACCESS, OUTLOOK, WINWORD).
Click the program once to highlight it, and then right click the program and choose “Run as administrator”
Shawn Zernik