Microsoft has officially dropped support for the Outlook Team Calendar, however the application does work with Outlook 2003.
To install Team Calendar, download teamcal.htm and save it in your My Documents folder. Then double-click teamcal.htm and follow the instructions for installation.
With the Outlook Security Update any application that accesses Outlook will cause a prompt to be displayed to the user requesting authorization. This may be overridden by downloading the free ClickYes program. Once it's downloaded, double-click the ClickYesSetup.exe icon to install it. It is recommended you accept the program's defaults.