I was amazed to know that outlook has a safe mode. My friend Piyush enlightened me about the benefits of this. Essentially it loads outlook without all the add-ons.
In my case surprisingly no add-ons showed up as being enabled but somehow they were being loaded I guess, cause my Outlook would hang every few minutes. This was a painful experience for months. And finally I have a way of operating Outlook without it hanging up on me.
Next need to figure out a way to completely remove add-ons :-) in a clean way.