If I right-click on an OL folder and go to Properties/Home Page, can I
somehow get a document (.doc, .txt, .wri, .rtf, whatever) to show up in that
folder that I can then edit as a normal document?

I know I can get an .htm page to appear in there, but I can't edit it. I
pointed the browse function to a word .doc and got something with all the
formatting characters showing up, but I couldn't edit while in the OL Note.

Notes is a pretty meagre environment in which to write anything more than a
short, well, note. So I'm hoping there's some way I can use something more
powerful while staying within Outlook. For instance, open up a note and use
Word to edit (as I can in an email message), or even Wordpad.