Outlook 2011 Reading pane: wrap the subject text instead of truncating with ellipsis
Outlook 2011 does not provide a way to change the behavior from ellipsis to line wrapping however you can try the following options to achieve a similar result.

Outlook 2011 contains 3 main window panes.  The navigation pane (furthest to the left), the email list pane (the middle pain that shows the list of emails -- I think this is the pane you wish to change) and lastly, the reading pane (furthest to the right).  This is the pane where you read the contents of a particular email.


Change the location of the Reading Pane.  I think by default the reading pane shows on the right hand side of the application.  From the main menu in Outlook choose 'View > Reading Pane > Below'.  This moves the entire reading pane below the list of emails pane.  Moving the reading pane below the email list pane allows the email list pane to span more horizontal real estate thereby allowing more of the subject line to show.
Hide the Reading Pane.  This will turn off the reading pane all together.  This option will afford you more horizontal AND more vertical space.  To read an individual email you have to double click to open it.  Note that for both option 1 and 2, in the email list pane you may have to also adjust the columns that are displayed or the width of those columns in order to see more of the subject column.  Move the mouse over those column boundaries until you see the slider.  Click and hold the slider to make a column more or less wide.
Make the Reading Pane Smaller.  If moving the reading pane to below the email list pane or hiding it out right is not an option you could click and drag the left hand slider of the reading pane to the right.  By making the reading pane smaller (less wide) you are effectively increasing the width of the email list pane.  A wider width will show you more of the subject line.


Happy Computing!