A popular query goes something like this:
"I recently installed Outlook and when I open it, it says it can't connect to Exchange Server and closes down. What is Exchange server and why can't it find it?"
For whatever reason, Outlook is configured with an Exchange server account in the profile. You need to delete this account, unless you are connecting to an Exchange Server, in which case you should know what it is. (Exchange server is a corporate email server and home users rarely use it as their mail server.)
To delete the account, close Outlook. Go to Control Panel, Mail applet (It's in the User category, if you use Category View).
You can either click the Profiles button and delete the profile and create a new one or click Email Accounts button and View or change existing accounts. Select the Exchange server account and click Remove.
Add the correct type of email account to your profile and Finish the dialog, and then restart Outlook. The error should be history.