What do you mean with "a lot of history"? Do you mean there are a lot of
previous replies within the same message body?
If you have Office 2007 Service Pack 2 installed, then you have an option to
select how many pages you want to print.
If you really only want to print selected text, then you can open the
message in a browser;
Double click the message to open it in its own window. Then choose Other
Actions-> View in Browser. This will open the message in Internet Explorer
which has the "Print selection" option.
If you prefer to open your messages in a different browser, then see this
guide instead;
http://www.howto-outlook.com/howto/openinbrowser.htm