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The Office Lifeboat (OffLB.exe) is what launches when one of the Office apps appears to be hung to try to close the apps,and save your work to disk .
The problem is with office and the reasons can be numerous.There may be a 3rd party add-in, a corrupted template or document, a damaged registry or another factor, such as HP PhotoSmart Printer driver, or other issue going on
Did this problem start recently?What version of office are you using?
Do you remember installing anything then?
Also is it with any specific office application like word,excel or access?
Have you got any HP printers conencted your system?
Click Start, point to All Programs, point to Microsoft Office, point to Microsoft Office Tools, and then click Microsoft Office Diagnostics.
Run the diagonstics.
See if it helps you find the cause of the problem and fix it..