They have since fixed the issue with this patch and have re-released it, as Infoworld reports.
Microsoft has since replaced the troublesome security patch with a new one by the same KB number, at least for Windows 7Fix #1: Use Remote Desktop/MSTSC and RDP into the machine and remove the update with this command:
wusa /uninstall /quiet /norestart /kb:3097877
Fix #2: As reported by Ryan Seabury on Infoworld's coverage, disconnect all secondary and tertiary (extra monitors) video monitors and reboot, then you should be able to login again. Then you can remove the update, and the working update that was re-released today (Thursday, November 12) will download again through Windows Update. Be sure to upgrade video driver to latest, as this update may corrupt display drivers.
Links:
https://social.technet.microsoft.com/Forums/en-US/482486ba-a378-4dcd-bd21-08ae19760b93/crashes-since-111115-updates-in-both-outlook-2010-and-2013-when-viewing-html-emails?forum=officeitproprevious
https://social.technet.microsoft.com/Forums/windows/en-US/336eae75-b5f4-41ea-bd2b-5f0248585a66/blank-screen-after-pressing-ctrlaltdel-for-login-after-windows-updates-no-way-of-logging-in-on?s=ecym&tduid=(32295f03de2fa23337fa02ecc12bc906)(256380)(2459594)(TnL5HPStwNw-ih3ZE4nGDMdpOi4RcapOeQ)()
https://www.reddit.com/r/sysadmin/comments/3seii6/outlook_issues_after_windows_update_1111/
https://www.google.com/search?q=KB+3097877
http://www.dshield.org/forums/diary/November+2015+Microsoft+Patch+Tuesday/20359/
http://www.pcworld.com/article/3004638/business-security/patch-tuesday-windows-security-update-rendered-outlook-unusable-for-many.html
http://www.zdnet.com/article/outlook-crashing-after-windows-security-updates-you-are-not-alone/
http://www.infoworld.com/article/3004441/microsoft-windows/microsoft-surreptitiously-reissues-botched-patch-kb-3097877-for-windows-7.html
http://news.softpedia.com/news/kb3097877-update-causing-issues-on-windows-7-windows-8-1-496053.shtml
Also in some unrelated news, but still interesting, you can now test you Android for all 22 security vulnerabilities with VTS for Android by NowSecure OSS . My LG Leon LTE is vulnerable to stagefright.