How can I fix the handling of clickable HTTP links?

How can I fix the handling of clickable HTTP links? I am running Windows 7 RTM and have a problem with clickable links in Outlook. I suspect it's a generic problem handling http links from the OS. Directly within IE or other browsers, I can work fine. It's just these links from external apps that break. Whenever I click on a link, I get an error messagebox like so:
Asked by: Guest \| Views: 350

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Guest [Entry]

"That happens a lot if you don't have a default browser set up. I don't know 7 that well, but I know in XP there's something like ""Set Program Access and Defaults"". Is there something like that in 7?

Additionally, there may be an option in Outlook that you have to set to get it to open in a browser."