Yes, it is available as a standalone program. Note, though, that if you use it with earlier versions of Word, Excel, etc., you lose some features -- WordMail as the Outlook editor, mail merge, and using the FIle | Send To | Mail Recipient feature.
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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