From this web page: Printing Workaround in Outlook 2007:
Printing in Outlook 2007 sucks. But if the message is in HTML format, not all is lost. Open the message, click Other Actions button and choose View in Browser. Now you can print the message using the browser’s much better print options, such as controlling the pages you print or printing a selection.
As with all workarounds, there is one potential drawback – you won’t have an email header, normally found on Outlook printouts, so you can’t see who sent the message or when it was sent.