You can create a shortcut to open contacts by:
Create a new shortcut and enter for the location of the item:
<path>\outlook.exe /select outlook:contacts
If your path to Outlook 2007 is the default, your location would be:
“C:\Program Files\Microsoft Office\Office12\OUTLOOK.EXE” /select outlook:contacts
Please do not forget to use quotes if there are any spaces in your path.