If you're using Outlook 2007 and you have a mysterious "Panning hand" cursor that won't let you select text in an email, and want to turn it off, but can't find the option, here's how:

Click the Customize Quick Access Toolbar pull down: Choose “More Commands…”

In the next window, click the drop down box and choose “Commands not in the Ribbon” Scroll down until you find “Panning Hand” and then click “Add >>” Click OK.

The Hand will now appear in the toolbar. Click the Hand to disable Panning Hand You can now select/copy/highlight text

Update: For Outlook 2010, try pressing the "Esc" key on your keyboard