Live Account and Outlook after Microsoft sending Security Code

Microsoft recently sent one of their verification emails, which I verified.  However, since this happened my Live account will no longer sync with my Outlook.  I have tried deleting the email account and resetting it up.  It gives me the three green checkboxes showing it connects to the server, and prompts to close and open Outlook.  When I reopen Outlook, get a small box asking form my email password.  Even when I put in the password, Outlook still won't open...keeps sending the pop up box asking for the password.  HELP, please.

Thanks!