You can use Microsoft's Collaboration Data Objects but it is limited by the Outlook Security Patch. The Redemption Data Objects that are part of Outlook Redemption works around the Security patch. I have used RDO to create RTF emails in Outlook.
Here is a sample procedure using RDO to create an email, insert RTF formatted text and display the email so it can be edited before sending.
procedure TForm1.RTFemail;
var
Session, Drafts, Mail, Recip: OleVariant;
s : string;
begin
Session := CreateOleObject('Redemption.RDOSession');
Session.Logon;
Drafts := Session.GetDefaultFolder(olFolderDrafts);
Mail := Drafts.Items.Add;
Recip := Mail.Recipients.Add('[email protected]');
Recip.Type := olTo;
Recip.Resolve;
Mail.Subject := 'Testing Redemption';
s := '{\rtf1\ansi\ansicpg1252\deff0\deflang1033{\fonttbl{\f0\fnil'+
'\fcharset0 Arial;}}\viewkind4\uc1\pard\fs16 This is \ul '+
'underlined\ulnone , \i italic\i0 , and \b bold\b0 .\par }';
Mail.RTFBody := s;
Mail.Save;
Mail.Display;
end;
It produces the following with Outlook 2003