This is how I've done it. In Outlook 2007, view the contacts as
'Business Cards." Then select all of the contacts that you want to
print with photos. Then right click and select 'Send as Business
Card.' An email will open with all of the contacts. I then select
all of the business cards in the email and paste into Word 2007 so I
organize them the way I want to. If you don't need to do any
organizing, you might be able to print directly from the email.

Hope this helps - Scott