To create stationary for Outlook follow these steps:

1. Create stationary as a local .htm page. Put the images in the same folder.
2. Copy the .htm page and images into one of these folders:
   Vista – C:\Users\<logon user>\AppData\Roaming\Microsoft\Stationery
   XP – C:\Documents and Settings\<logon user>\Application Data\Microsoft\Stationery

Then your stationary will be listed as a theme under the Signatures and Stationary settings in Outlook.

This page has a list of various Outlook file locations: http://www.slipstick.com/config/backup2007.asp