This answer pertains to OL07. Open the contact; click in the "notes" field
then click the Insert tab above the ribbon. On the ribbon, click the
"hyperlink" button; browse to/select containing the user's files. When you
click the resulting hyperlink Windows Explorer will open rooted to that
folder. That's it and that's all.
I wish to attach a shortcut to a folder containing files for a contact in
their contact information in Outlook