Yes, and here's how (for Office 2007 - I suppose this will work with any
version of Outlooks using Wordmail, but did not test all config).
Open an email and click in the body
hit CTRL+ALT+SHIFT+S - this opens the Styles pane
Click the Options link near the bottom right
Change the topmost dropdown to All Styles, and the radio button at the
bottom to change for documents based on this template
click OK
now back in the styles pane, scroll down to Hyperlink and click the dropdown
for it to select Modify
Finally, on this dialog, you can change the color, whether it's underlined,
etc...
Save changes and you are done!
(I'd also recommend adding these directions somewhere so you can find that
setting again if you want to change it. I probably won't remember these
steps in a week myself
