Problem:
When clicking a link in an Outlook email message, a box entitled 'Locate Link Browser' appears instead of the webpage.
Solution:
The window which popped up was looking for *.exe files, and was titled 'Locate Link Browser'.
Use the file browser to point to C:\program files\Internet Explorer\iexplore.exe and click Open.
Internet Explorer should open up and show the relevant webpage.
Outlook seems to have lost its knowledge of what program to use -- once it has been reset it will remember it.