Haircut: on my translated version of Outlook, that option means resend the e-mail ... and that's what it does. Since Outlook uses POP3 (a non-proprietary protocol), there's no such thing as a "work if the recipient is on Outlook too".
forcesho: Humm, on the other hand, if your using web-based services, there could be a tiny chance of that service having a "Undo" function, if messages are sent between users of the same service. There's an ISP here in Brazil that supports this. The only one I know of.