How to configure Outlook to launch other Rational ClearQuest, passing parameter?

All-

Is there a way to configure Outlook (2003) to automaticly make a link out of certain string of text which, when clicked on, will open another program and pass the string as a parameter?

For example, what my objective is to have Outlook recognize a string that starts with "co" followed immediately by some numbers, as a link. For example co123234 (text just input is in blue and underlined in my news editor). When one clicks on this text, Outlook would open the bug-management program ClearQuest (by Rational), if its not already open, and then open the change order record number 123234.

Of course, Outlook has autolink creation already in the case of web sites. For example, if you type or see www.microsoft.com, in an Outlook message, and click on it, IE is launched and the microsoft website is started.

If the above is possible, please reply with advice on how to approach a solution.

Thanks for your help!

-Kurt