You can change the time increments shown in your Outlook calendar to allow for smaller more detailed calendar entries. This will work in Outlook 2003, Outlook 2007, and Outlook 2010.
You can quickly insert a horizontal line (from margin to margin), by tapping the dash three times and then hitting ENTER. The type of character you type 3 times, will determine the type of line. Dashes is the most common, but you can also use equal signs, pound signs, and more. This process shown in Word 2010, but works in all versions of Microsoft Word.