"the file
I started googling the error and I found the following KB article from Microsoft:
http://support.microsoft.com/kb/272227
it was talking about using a Microsoft Office built in utility called "Microsoft Outlook Inbox Repair Tool" (scanpst.exe). I opened it, browsed for my pst file, and hit the "start" button, had to wait for sometime to scan the file and wait again to fix it by the utility (my data file was big in size)
and at the end: BINGO!!!! the File is repaired and I was able to open it in my outlook 2010.