Microsoft has released a 14.1.3 update for Office 2011, a 12.3.1 update for Office 2008, and a 11.6.5 update for Office 2004. All updates include security patches, plus the Office 2011 update fixes numerous stability issues and Outlook glitches. The Office 2008 update also addresses time zones issue with Entourage.
Numerous people have reported that after applying the 14.1.3 update for Office 2011, one or more of their Office apps would fail to launch afterwards. The confirmed fix for when this happens is to manually download the 14.1.3 updater from Microsoft’s website, and reapply it.