No, and no. Like most of the drop-down list in OUtlook, it can't be modified.

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Sue Mosher, Outlook MVP
Author of Microsoft Outlook Programming: Jumpstart
for Administrators, Power Users, and Developers
http://www.outlookcode.com/jumpstart.aspx
> In many countries the international Standard for the Country name on an
> address label is upper case. Is there a way of changing the country list in
> OUTLOOK? Also can this list be edited in terms of content? (ie changing the
> name of a country).