Hyperlink outlook data in excel

I know in Excel 2003 you could use hyperlinks to link to outlook data in an excel cell.
ex:
Outlook:Inbox\

However, in 2007 i get the cannot open file or some such other nonsense.

Is there a way to make excel 2007 recognize the " Outlook: " deal in hyperlinks or has that function been removed.

If so is there another way to do this. I have searched high and low for a solution.

Cheers, Axe