See if this info helps:

Internet Shortcuts in Outlook Express Don't Start Browser [Q177054]
http://support.microsoft.com/support/kb/articles/Q177/0/54.asp

Nothing Happens When You Click a Link in Outlook Express [Q176581]
http://support.microsoft.com/support/kb/articles/Q176/5/81.asp

Q260238 - OLEXP: Hyperlinks in Outlook Express May Not Be Active:
http://support.microsoft.com/support/kb/articles/Q260/2/38.ASP

OLEXP: "Send To" and E-mail Links Do Not Work w. Outlook Express:
http://support.microsoft.com/default.aspx?scid=kb;en-us;Q306098

You Cannot Open New Internet Explorer Window or Nothing Happens After You
Click a Link
http://support.microsoft.com/default.aspx?scid=KB;EN-US;281679

Also might want to see this information from Frank Saunders, MVP-Outlook
Express:

From http://www.fjsmjs.com/OE/nolinks.htm

Open Windows Explorer.
Go to Tools | Folder Options | File Types.
Scroll down to URL:HyperText Transfer  Protocol and select it.
Click Edit or Advanced, depending on your Windows version.
Select 'open'.
Click Edit.

"Application used to perform this action" should read:

"C:\PROGRAM FILES\INTERNET EXPLORER\iexplore.exe" -nohome
(Check the path to iexplore.exe to make sure that is correct and use the
double quotes.)

DDE should be checked and in the boxes below it you should have:

#1:
"%1",,-1,0,,,,
#2
IExplore
#3 (blank)

#4
WWW_OpenURL

URL:HyperText Transfer Protocol with Privacy should be the same.

I cannot see why, when I receive an email with a link in it, I am unable to
click it to see what it was.
This has been happening for over a week and I haven't changed a thing. Only
in Outlook Express.

Betsy