One of the most useful feature in the Google tool bar is the highlighter. Microsoft Outlook should have a similar highlight tool. It works by typing in a word or series of words into search box and clicking the highlight button (this is not to be confused with the highlighter in Microsoft Word which works similar to a highlighting marker – where the user manually highlights using the cursor). The Google highlight function allows the user to very quickly scan long web page for the key word(s).
The Outlook highlight function would work in a similar fashion and speed reviewing emailed newsletters or emails received from subscription services. Probably not useful for emails from your mother or last weeks hot date ... also useful for long, rambling incoherent emails from your ex-wife (highlight words: attorney, legal action, law suit, etc).
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You'd be waiting a long time for Micro$oft to implement something like this. Why not switch to Mozilla Thunderbird or Mozilla Suite? Something like this can be done easily using the extension architecture. Someone may have implemented exactly this already (after all, someone has already implemented the google toolbar of which you speak).
Time to give up on M$ responding to innovative ideas...