You're going to have to figure out how to store name elements for yourself
to accommodate the needs you anticipate for names. There is plenty of
information out there on how to do mail merges.
Outlook uses Word for performing mail merge functions such as Form Letters,
mailing labels, envelopes, and fax or email merges. For an overview of these
functions take a look here:
http://www.slipstick.com/contacts/printlabel.htm
http://www.outlook-tips.net/howto/mailmerge.htm
http://office.microsoft.com/en-us/assistance/HA011186361033.aspx