Outlook 2010 may not activate even though you have a valid activation code. Normally you should would select the 'phone activate' option in the wizard, but if even this is not available then try the following steps:
- Confirm that there is a folder called "C:\Program Files(x86)\Microsoft Office\Office14"
- There should be a vbscript called ospp
- Open a command prompt as an 'Administrator'
- Navigate to this folder
- Enter the command cscript ospp.vbs /puserops
This should either complete the activation or offer the phone activation option
See also http://www.kernelbytes.co.uk/?p=816