As you mentioned, Exchange servers have some functionality in this regard. You can enable the feature for use with Outlook. It's not a 100% guarantee your message will be recalled though. This Microsoft site explains in detail more on this:
Will my recall be successful? The
success or failure of a recall depends
on the settings the recipient has in
Outlook. If you requested an e-mail to
tell you if the recall suceeds or
fails, there is no way to know how
long it might take for this e-mail
message to arrive as there are many
variables in this process. Following
are four scenarios that explain what
happens in various situations, and an
additional scenario that covers the
recall of a message sent to a
Microsoft Exchange Server public
Your best bet however is to use preventative measures to keep the message from leaving your outbox by using delayed sending. It has personally saved me many times.
Here is an easy-to-follow video that covers scheduled sending in Outlook.
Here is a guide to apply delayed delivery to all messages in Outlook.
And how to use the undo feature in gmail.
This is as close as you can get but good preventative settings should keep email mishaps from becoming a problem.