The new GTD Outlook add-in lets you create a new project while you're creating a next action. You can then use the view by Project to get a quick status report.

Another Outlook based solution is found at:
http://home.attbi.com/~whkratz/index.htm

Bill Kratz's method uses a contacts folder to create Projects - allowing a drag and drop method of including the project name in the next action subject and/or note. HTH.