When you first open Outlook after installing, it should ask you if you want to set-up an email account. If you do that it will automatically create a "default" profile.
If you don't set-up any email address it will still create a profile, but you won't be able to sync that data.
If you didn't set-up the email, just go to
Tools/email accounts and you'll be able to add one from there (in Outlook).
You can use Activesync 4.2 but it is designed for WM5 devices, and disables some features that you may want to use with your device. Also, in my opinion 3.8 is the most stable, and the only version that is needed with older devices like ours

But you can give the new version a try if you like, it won't hurt anything. I tried 4.2 but had too many issues and just went back to 3.8 and am happy again.
David