Q: So what relationship does this hot fix kb 932962 have to this kb 926666 in terms of
A: kb 932962 is the Outlook (client) version. kb 926666 is the Exchange (server) version. There is no connection between the two - one does not require the other. Each must be evaluated according to the need.
As kb 932962 (Outlook CDO update) is not installed by default, you may have to install it if you use applications such as ACT and InterAct (relationship management programs). These applications use CDO to access contact and calendaring information in Outlook. If you do not have programs like that, you do not need to apply 932962.
For instance, if you run ACT (a contact manager program), it installs the Outlook version of CDO, and you should install kb 932962.
(030307: revised for clarity, added info on 3rd pty apps)