I was annoyed to find that trying to open an .eml file with Outlook 2007 wasn’t working.
The solution was just to run a command that used the .eml file as a parameter:
Start > Run, type:
“%PROGRAMFILES%\Microsoft Office\Office12\OUTLOOK.EXE” /eml “<path to .eml file>”
or in my case (x64), use %PROGRAMFILES(X86)% instead
See KB956693 for more information.