You are, when posting you used the suggestion link intended to provide a
product suggestion and not the post link to report an issue you have to
discuss.

Your post does not contain enough information to offer any help.
Which browser are you using?
What happens when you click on a hyperlink? Any error message?

Note that reinstalling your browser is not the same as resetting it.

You submitted a *suggestion*.  Suggestions are NOT questions.

Have you tried running Outlook in its safe mode ("outlook.exe /safe")?
That will NOT load any add-ons that you installed into Outlook.

Also try to reset the web browser settings (since a hyperlink is going
to go outside of Outlook to handle the URL that you are clicking on).  

http://support.microsoft.com/kb/307818/en-us

As it mentions, clear out the home page(s) configured in the browser.
For IE7, the reset and restore buttons are in the Advanced tab.  If that
works, I'd then go back into Manage Add-ons under the Programs tab to
see what add-ons are installed (and now disabled).

I don't use Vista and am not going to bother with it.  In Windows XP, in
the Add/Remove Programs applet, there is a "Set Program Access and
Defaults" selection in the left pane.  In Vista, it's Start -> Default
Programs, and select "Program access and computer defaults".  In either,
click Custom and select IE as the browser and click OK.  When done, go
into Internet Options -> Programs and check that IE is configured as the
default web browser.  

I'm still using OL2002.  In OL2003, under Tools -> Options -> Security,
try changing the Automatic Download settings.  OL2002 doesn't have the
feature of OL2003 to block externally linked content; see
http://support.microsoft.com/kb/831608.  However, I thought in OL2003
that when external links were blocked that an infobar or message that
said, "Right-click here to download pictures. To help protect your
privacy, Outlook prevented automatic download of this picture from the
Internet."  You didn't describe the URLs that you are trying to click
on.

Some users have reported that changing -nohome to %1 in the command in
the following registry key got them working again:

HKEY_LOCAL_MACHINE\SOFTWARE\Classes\htmlfile\shell\open\command

%1 means to pass the string to IE from the application that wants to
start IE.  Since this is an open action, it does seem odd that %1 is
missing (I have -nohome for that keys value and not %1).  See:

http://support.microsoft.com/kb/940169/en-us
http://www.slipstick.com/problems/link_restrict.htm.

Have you lately scanned for malware?  If so, using what?  Did you clean
any pests out of your host?  If so, your anti-malware may have deleted a
needed file.  In a DOS shell, run "sfc /scannow".  Have your Windows
install CD ready since you may be asked to retrieve files from it.