Before doing any troubleshooting I would recommend backing up your data (http://support.apple.com/kb/HT1553). Calendars and contacts tend to be important to people and are complex in nature which increases the chances of mishaps.
Make sure you have installed all software updates from Apple by going to Apple > Software Update.
Make sure you have installed all software updates for your Microsoft software (Open Outlook and then go to Help > Check for Updates).
Restart your computer (Apple Menu > Restart).
The first thing I would suggest is following all steps in this article: http://support.microsoft.com/kb/2452489.
Once this is complete you should see the calendars you have added to Outlook when you click the "Calendars" button in iCal under the "On My Mac" section.
If the calendars do not show up reset Sync Services: http://support.apple.com/kb/TS1627.
Hope that helps.