Outlook is awesome - but lack of text wrapping can be frustrating!

The best way i find to deal with this is to use a Addin for MS Office
Called WinCalendar.
It renders Outlook calendar as native MS Word or Excel format in a
variety of Layouts (+ text wrapping). A nice plus is that you can
also further edit like any doc / xls file. Works well, but it is not
free (free to try). See here for more info & for screen shots of
Outlook calendars in Word & Excel format:

http://www.wincalendar.com/calendar-maker.html
http://www.wincalendar.com/Outlook-Calendar-Import.htm