Actually, I probably mis-read which set of code you were referring to. The macro quoted in your post doesn't use wildcards, so that aspect of the issue doesn't apply. Even so, the code is Word-specific and would require some changes before it could be used (if at all) in Outlook.
Outlook doesn't work with Word's Document or Range metaphors, so you'd have to change those aspects, presumably to work with a specified email (the outlook equivalent of a Word document) and it's body text (the Outlook equivalent of a Word range). On top of that, whatever Find/Replace code you use would have to be tailored to Outlook's VBA methods & properties (see
http://msdn.microsoft.com/en-us/library/ee814736.aspx). If you take the Word code you're using and ask a question in our Outlook forum as to how to adapt it for use with whatever it is you're trying to highlight, someone there might be able to help you.