If you click on it, the following statement appears:
"Detect and Repair" will automatically find and fix errors in all Office
files."
Pay close attention to the two options it gives you:
"Restore shortcuts..." and "Discard customized settings..."
I used it when some minor glitches started to appear in Outlook 2003. One in
particular for me was that I had the option selected to NOT show graphics in
HTML messages but they still were appearing. Using this applet corrected
this behavior.
Hope this helped,
ZILLA