I posted code in this group last year showing how to create an Outlook contact from from a saved .vcf file. I've copied it over to http://www.outlookcode.com/codedetail.aspx?id=212 to make it easier to find.
These samples show a couple of different ways to save attachments as files:
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Sue Mosher, Outlook MVP
Outlook and Exchange solutions at http://www.slipstick.com
Author of
Microsoft Outlook Programming: Jumpstart
for Administrators, Power Users, and Developers