Yes, you can use Project Server to integrate with Outlook, etc.
There is no direct interface to things like Word. However, there are export
wizards in Project 2003 that will allow you to move data to Excel.
Additionally, Project files (.mpp) can be stored as .xml and database files
(interrogate with Access). Project can import from Excel, Access, xml if
correctly configured.
You can download a trial copy from the MS website. Additionally, Microsoft
Project 2007 is in Beta2 test at this time. Although I have no clue as to a
release date, I would think it will be late 1Q2007.