Outlook: How to copy a hyperlink embedded in email

First, right click-> Copy like above. Then, in a new memo, highlight the text you want to make into a hyperlink and go to Create -> Hotspot -> Link Hotspot. A little window will popup. At the right hand side of the Value field, there is a paste button. Click that to paste your info. Then close the window and send the message. That text will be a link to whatever you pasted in.

If you want to play around with URLs and such, that same Link Hotspot can link to URLs by changing the type from Document to URL and then just setting the value.

Hope this helps!