Office V 14.4.6 has destroyed Outlook

I updated Office 2011 to v. 14.4.6 this morning after receiving a message that it is required to fix security issues.

Immediately it wrecked Outlook. First, I received unusual demands to enter my Account information for "Net" each time I opened Outlook. Then I found my entire SENT and DELETED files were emptied of thousands of important records. Then, my Contacts had been deleted. Finally a rogue error started creating new INBOX files after deleting my existing files. These new files were named INBOX 1, then INBOX 1 1, then INBOX 1 1 1 and so on indefinitely. This was accompanied by warning sounds and a message that a file named 1, 1 1 or 1 1 1 was not acceptable. The creation of these files has gone on all day. 

Can anyone suggest what has done this, and what remedy I have?  Can I go back to 14.4.5? Is there any way of recovering my lost contacts and e-mails? I have Time Machine running - can the Sent emails be restored from there?  What abut my contacts with phone numbers?