Sharan...This is currently not an option on the iPhone. The closest you could come is to create a note and email the note. Sorry its not much of a help, but there it is.
First check with your admin and make sure that Exchange has the IMAP ports open, and get the server addresses and ports. Then go to Setup/eMail and Add an account with those settings.
I totally agree that this would be a great up date to the iPhone. I would also like to be able to e-mail contact information as an attachment from my phone. I come across the need to do both of things on almost a daily basis.