Oh no!
The links aren't working like they once did in Outlook Express.
You either can't click 'em or they're not going anywhere. Or, perhaps
every time you open a link in a new window through your mail client,
Internet Explorer spits back a blank page.
Have no fear - Geekdude is here! The solution is quite simple (and it
doesn't require a reinstallation); we just need to re-register the URL
monitor. Heck, if you're having any kind of hyperlink hassle, give this
a whirl. When software doesn't behave, sometimes you have to spank it.
Click on Start | Run and enter: "REGSVR32 URLMON.DLL" (sans quotes). You
should then have a dialog tell you that the procedure was completed.
Next, fire up Microsoft's Web Browser (IE) and Click Tools | Internet
Options | Programs | then click the "Reset Web Settings" button. Now,
check to see if Web links work like they should in your e-mail client.
With any luck, you'll have returned your system to normal.
http://www.lockergnome.com
Also have a look here if solution above does not work:
Internet Shortcuts in Outlook Express Don't Start Browser [Q177054]
http://support.microsoft.com/support/kb/articles/Q177/0/54.asp
Nothing Happens When You Click a Link in Outlook Express [Q176581]
http://support.microsoft.com/support/kb/articles/Q176/5/81.asp
Q260238 - OLEXP: Hyperlinks in Outlook Express May Not Be Active:
http://support.microsoft.com/support/kb/articles/Q260/2/38.ASP