Sub SaveAsTXT()
    Dim myItem As Outlook.Inspector
    Dim objItem As Object

    Set myItem = Application.ActiveInspector
    If Not TypeName(myItem) = "Nothing" Then
        Set objItem = myItem.CurrentItem
        strname = objItem.Subject
        'Prompt the user for confirmation
        Dim strPrompt As String
        strPrompt = "Are you sure you want to save the item? " & _
        "If a file with the same name already exists, " & _
        "it will be overwritten with this copy of the file."	
        If MsgBox(strPrompt, vbYesNo + vbQuestion) = vbYes Then
            objItem.SaveAs Environ("HOMEPATH") & "\My Documents\" &  strname & ".txt", olTXT
        End If
    Else
        MsgBox "There is no current active inspector."
    End If
End Sub 

Visual Basic for Applications 
Sub CreateTemplate()
    Dim MyItem As Outlook.MailItem
	
    Set MyItem = Application.CreateItem(olMailItem)
    MyItem.Subject = "Status Report"
    MyItem.To = "Dan Wilson"
    MyItem.Display
    MyItem.SaveAs Environ("HOMEPATH") & "\My Documents\statusrep.oft", OlSaveAsType.olTemplate
End Sub