OWA 2010 has a parameter called "email" that takes as an argument a fully URL-encoded mailto: string. It wants comma separated email addresses, though. Short answer for you is
https://xxxxx.outlook.com/owa/?ae=Item&a=New&t=IPM.Note&email=mailto:[email protected],[email protected]
https://xxxxx.outlook.com/owa/?ae=Item&a=New&t=IPM.Note&email=mailto:joe%40joe.com,dave%40joe.com
This can be extended to fill in any item (To, CC, BCC, Subject, Body). To make OWA 2010 take any arbitrary mailto: command, take the entire mailto: string ("mailto:blah......blah..........blah"), pass it through urlencode(), and then add it to the end of this "https://xxxxx.outlook.com/owa/?ae=Item&a=New&t=IPM.Note&email=". Note that this means the URL encoded items inside of the mailto: command will get URL encoded again. In the example above, the mailto: string doesn't have any ampersands or question marks so we can get away without having to encode the @ into %40, etc. If you login via the form interface, and you try to use the above links without encoding the @, you will get some sort of login failure. Best to always encode everything.
Unrelated comment: If you have Outlook 2010 on your machine and set as your default mail handler, it will handle normal mailto: commands, except that email addresses must be semi-colon separated. This appears to violate RFC 2368.