Problem: After upgrading to Outlook 2010, the Rules and Alerts option on the File tab is grayed out and disabled.
Cause: Using Windows Easy Transfer can corrupt profiles.
Solution: Make a new profile.
Using Windows Easy Transfer to move Outlook profiles is not recommended. In addition to causing issues with the Rules and Alerts dialog, it often breaks the Address Book, so that you cannot use the To button to select addresses.
Problems such as this occasionally occur when you do an in-place upgrade. The solution is the same: make a new profile.
If you are upgrading from Outlook 2002 or older, you should always make a new profile.