Sounds like your network administrator has used a Group Policy Object to restrict what actions you can perform in Outlook. Their authority trumps your local administrator privileges.

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Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
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> In Outlook 2003, I am having problems accessing the E-mail Accounts Set-up
> and also the Help menu, a message appears that says these options have been
> disabled by the administrator. The account I am using has all administrator
> privileges in Windows XP.
>
> How do I get these back?