Read Only and the Disk Utility.app wasn’t correcting it.
Staring with ~/Library/Preferences/Microsoft and its subfolders, make sure they are all Read/Write for your profile.
Also check ~/Library/Application Support/Microsoft.
If the problem is not related to Read/Write permissions then my guess is that the problem is in your preference files or an office cache file. I would start with the preference files. To do this ALL office applications must be shutdown completely, not closed.
Open ~/Library/Preferences (paste that path and include the ~ symbol into Finder > Go > Go to folder) and make sure the list of files and folders are in alphabetical order. Locate all files that start with “com.microsoft.x” and drag them to the trash. Then in the same Preference folder locate the Microsoft subfolder. In this folder you will see a few more “com.microsoft.x” file, drag them to the trash.
Final step is to go to ~/Library/Application Support/Microsoft/Office/User Templates and locate your Normal.dotm file. Rename this file to oldNormal.dotm. The reason you rename it versus trashing it is to save former AutoText, Styles, Macros, etc that you might want to bring over to the new template that gets generated.
This should clear any glitches that Office for Mac 2011 can experience.