Sub InsertHyperlinkAtCursorPositon()
On Error GoTo finish
strLink = "http://www.outlookcode.com"
strLinkText = "Get Outlook code samples here"
Set objInsp = Application.ActiveInspector
Set objMsg = objInsp.CurrentItem
Set objDoc = objInsp.WordEditor
Set objSel = objDoc.Windows(1).Selection
If objMsg.BodyFormat <> olFormatPlain Then
    objDoc.Hyperlinks.Add objSel.Range, strLink, _
                          "", "", strLinkText, ""
Else
    objSel.InsertAfter strLink
End If
finish:
End Sub