I am on Windows 10 latest update and i cannot get the graphics and sound configuration for Outlaws to launch at all. I have tried admin mode as well as several other compatibility settings. Any help would be appreciated.

I've had this same problem. I played through the base game around 6 months ago and it was fine, I've come back to try the handful of missions content and can't get olcfg.exe to launch. Even after mucking about with compatability settings I've not had any luck, the windows curser just spins for a second then nothing happens.

The game runs fine but I'd wanted to play around with the config because I don't like the texture filtering on the default nglide wrapper.

Try changing the drivers used in the Resitry Editor
It should be located at:

Computer\HKEY_USERS\S-1-5-21-400588092-3021806406-4164659445-1002_Classes\VirtualStore\MACHINE\SOFTWARE\WOW643 2Node\LucasArts Entertainment Company\Outlaws\v1.0

or

Computer\HKEY_USERS\S-1-5-21-400588092-3021806406-4164659445-1002\Software\Classes\VirtualStore\MACHINE\SOFTWA RE\WOW6432Node\LucasArts Entertainment Company\Outlaws\v1.0

That's where mine are located, at least.
Try messing around with the Display Driver and Sound Driver settings that I've circled in the attached picture (my display driver is set to d3d because I use dgvoodoo)

Decided to try again. I have a fresh install of Windows 10 all the latest drivers and Outlaws installed the game will launch but cannot launch the olcfg.exe. Nothing happens when I click on it.