If you look in your registry at:
HKEY_CURRENT_USER\Software\Policies\Microsoft\Office\10.0\Outlook[/b]
and
HKEY_CURRENT_USER\Software\Policies\Microsoft\Office\10.0\Word[/b]
EDIT: Oops, hit submit accidentally (how ironic). Anyway, if you look in those registry keys, do you see anything called "DisabledShortcutKeysCheckBoxes" in there? If so, what is the value set to at present?