If you wish to rescue your folder structure, read the steps below very carefully and try to follow them precisely and hopefully you will be able to recover your data.

1. Make a duplicate copy of your data to work with and keep your original corrupted identity safe in case this method of recovery doesn’t work for you.
2. Use the instructions at http://support.microsoft.com/kb/2398768 to completely remove all Microsoft Office from your system.
3. Restart your computer.
4. Install the original Office 2011 14.0.0 onto your computer, and make sure it is activated.
5. Open a blank document in Microsoft Word, and allow it to fully load up. Then quit Word.
6. Launch Microsoft Auto Update and upgrade Office to SP1 14.1.0. Make sure that you do not install any later updates than that.
7. Open a blank document in Microsoft Word, and allow it to fully load up. Then quit Word.
8. Manually download and intsall update 14.1.4 from http://www.microsoft.com/en-us/download/details.aspx?id=28405.
9. Disconnect your computer from the Internet and do NOT reconnect it again until you have completed the recovery.
10. Open the Microsoft Database Utility, and delete all the existing identities. There should only be one. Your corrupted identity should not appear in there. DO NOT DELETE IT if it is there (you must have done something wrong….start over).
11. Now that there are no identities in the list, create a new blank identity. It will automatically be named “Identity 1″.
12. Quit the database utility.
13. In the duplicate of your corrupted identity (created in step 1), delete the database file. Then navigate to the “Data Records” folder and delete the “Database Headers” folder.
14. Now copy the “Database Headers” folder from “/Documents/Microsoft User Data/Office 2011 Identities/Indentity 1/Data Records” and paste it inside the “Data Records” folder of the duplicate of your corrupted identity. What you have done now, is copy a clean “Database Headers” folder that has database headers in version 14.1.4. What you intend to do here, is trick the database utility v14.1.4 to think that your SP2 identity conforms to its own version and will then attempt to rebuild it.
15. Delete “Identity 1″ from the location mentioned in the previous step (you won’t need it anymore) and then move the duplicate of your corrupted identity in its place.
16. Now launch the database utility, and you should only see that duplicate of your corrupted identity. Nothing else should be listed there. Now click Rebuild and keep your fingers crossed (that’s of course only if you have enough memory as explained earlier. Otherwise, it would just be a waste of your time because the rebuild will probable fail).
17. You should receive a message saying that your database was rebuilt successfully. Now, quit the database utility.
18. While you are still disconnected from the internet, start Microsoft Outlook. (and there you go, all your data back in front of your eyes….with all the folder structures maintained)……BUT HOLD ON, you’re not done yet.
19. Follow steps 1,2,3, and 4 from http://www.officeformachelp.com/2012/05/how-to-move-your-data-to-a-new-identity/
20. Once you have quit Outlook in step 4 at that link in the previous step, start Microsoft AutoUpdate and install all available updates until you Office is updated to 14.2.4.
21. Now go back to http://www.officeformachelp.com/2012/05/how-to-move-your-data-to-a-new-identity/ and skip step 5. Go to Step 6 and continue to the end of that document.
22. You should now have your Outlook looking exactly as it did the day your identity got corrupted, hopefully with no data lost at all.