Is there an easy way to password protect individual emails?

In outlook 2003 there was a feature to password protect emails. Since upgrading to 2007 that feature seems gone. Is there an easy way to do this?  We already have encryption back and forth, but the recpient would like confidential emails to be password protected as well. Not just the attachment, but the email too if possible.
rtlawAsked:
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martonejdCommented:
Is the recipient in your organization or elsewhere? I think this is what you need either way.  It sounds like you need to set up a licensing server via Windows Rights Management Services.  Hope this is a start...

http://office.microsoft.com/en-us/help/HA101003661033.aspx
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eRescuerCommented:
Software encryption is not considered as safe by government agencies, so you will still be liable to SOX and SB 1386. You have to have hardware encryption. The best product for your need is this:

https://usm.channelonline.com/maglobal/storesite/Products/Overview/?id=M003833718

It is not certified yet, but it is the best you can find now.
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eRescuerCommented:
Ups... I just saved you 80 bucks :)
http://www.monstronix.com/st980816as-p-378988.html
The same Seagate Momentus FDE for $100
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