We have done exactly that. Using ODBC Connector we now have a seamless mail merge method.

 Raoul,

This is certainly possible. I have done it many times before. There are Java libraries for manipulating docx files and doing merge with some simple XML that can be extracted from Postgres.  This is common functionality in big ERP platforms I am glad to help anyone get this out of Odoo. Just contact me.

I don't think that possible, unless you know how to change the MS Words mail merge functionality to call OpenERP module that create the quotation document along with passing the parameter needed from MS Word to OpenERP module.