No. Outlook is not a Word processor.
There's no need to do a mail merge for just one label. Why don't you just
use Word's Envelope and Label Wizard?

Signature
Russ Valentine
[MVP-Outlook]
>I have Office 2003 and would like to print a file folder label containing
> only the name directly from Contacts.
> I am able to print labels using mail merge in Word, however this is not
> worth the effort for a single label.
> Is there a way to print a label directly from Outlook?