in 2007, you can use Quick Parts - you have to create your own pieces
of text firt of course: while composing a message, select the text you
want to use as a Quick PArt, click Insert, Quick Parts, and select the
bottom option "Save Selection to Quick Part Gallery."
in 2003, you would use Outlook Templates: compose your message (like a
form letter), then select File, Save As, and select Outlook Template
as the Type.