Microsoft have released an Outlook connector for Facebook , you can get the download from here http://www.microsoft.com/download/en/details.aspx?id=5039&WT.mc_id=rss_alldownloads_all

Instructions to Set up

• Once Installed restart Outlook and you may be prompted by the Outlook Social Connector configuration wizard to connect to Facebook.
  1. Under Social Network Accounts, select Facebook.
  2. For User Name: enter your Facebook email account.
  3. For Password: enter your Facebook password.
  4. Click Connect
  5. Once the connection is successfully completed, click Finish
• If you were not prompted by the Outlook Social Connector configuration wizard, you can still connect to Facebook.
  For Outlook 2010:
  1. On the View tab, in the People Pane group, click People Pane, and then click Account Settings.
  2. Under Social Network Accounts, select Facebook.
  3. For User Name: enter your Facebook email account.
  4. For Password: enter your Facebook password.
  5. Click Connect.
  6. Once the connection is successfully completed, click Finish.

Once Added you will be able to see your friends latest posts, status updates etc from the People pane in Outlook