It is easy to create a distrbution list from email addresses in Excel for Outlook 2003 (it may work with other versions of Outlook as well).
In Excel, make sure the person's name and email address are in consecutive cells like this:
Name Email
Joe Schmoe jschmoe@ schmoeco.com
Mary Schmoe mschmoe@ schmoeco.com
Copy all of the data in the Name and Email fields.
Create a new - or open an existing - distribution list.
Click the Select Members button
On the resulting screen, you will see a Members-> button with a text input box for either typed email addresses or selections from your contacts list. Put your cursor in the box and Ctrl-V to Paste. All of the email info will be pasted in the box. The column headings will also come over, so go to the top of the list and delete those. Click OK and your distribution list is generated with both the person's name and email address.