Just installed one of there updates now I can't get it to run. It opens Microsoft update assistant, then opens the auto update, and that's all it will do.
How did you download the update? Did you use the Microsoft Autoupdater or did you download the update as a dmg file from the Microsoft Website?
I had the exact same issue with Service Pack 1 and the solution that worked for me was:
Completely remove Office (including the Library/Application Support/Microsoft folder)
Install Office again
Update Office through the Microsoft Autoupdater
I don't know why the downloaded dmg file didnt work for me, but at least I found a solution...Try that and tell me if it also works for you.