Hi,
Yes, it is supported. In office 2007, it's done through "smart tags". For example in MS Word 2007:
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Click on the office button (upper left hand)
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go to word options
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Click on "Proofing"
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Click on "AutoCorrect Options"
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Go to the "Smart Tags" tab
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Check "Label text with Smart Tags"
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Check "Person NAme (Outlook contact)"
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Check "Telephony Number"
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To make the change effective in your current doc, click "Recheck Document"
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Click OK until the windows all close
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Look at your doc & see that a phone number like "312-555-1212" now has a dotted line underneath it
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Hover your mouse over the number - a little "i" icon pops up. When you click on it, you have the option to call.
Not sure how this works in Word 2003 etc. but it definitely works for OL2007 and Word 2007.
Regards,
Matt