Just found out if you recently upgraded to Outlook 2010 and no longer have the auto correct options. All you have to do is copy winword.exe to the office14 folder. This may work with other office versions too but here is where it needs to be copied and stuff.
Copy Winword.exe from here C:\Program Files\Microsoft Office\Office12\
C:\Program Files\Microsoft Office\Office14
If you don't have a Office12 folder then do a search for winword.exe and copy it to the Office14 folder (Outlook 2010) or other office folder for previous versions.
If you find this useful and wish to donate to my site you can but not required, Just look at this being alot cheaper fix than purchasing office, outlook, or a tech support call to microsoft lol.
Note: I take no responsibility if you mess up your software if you do a simple copy you should be fine.
Tags: Auto Correct Greyed Out, Outlook 2007, Outlook 2010