1). Buy a mailing list program and let it do the magic.
2). Create a newsletter in Adobe Page Maker or Illustrator, convert to PDF and then take a screen shot of each page and paste inside an email editor and then send to a distribution list.
3). You can do it in ASP.NET, which can be done in different ways. One way to do it is discussed at this website (article I wrote):
You can create the email like a normal HTML page and paste the code into Thunderbird (a free email client, sister to Firefox). Of course, you can also save the code as a web page for those who can't view the email properly with a link to it in the email.
Beware, though, as most email clients don't render proper html/css very well. The safest bet is to code like it's the '90s, with tables and only a little bit of inline CSS. Many email clients will rip out any other CSS.
There are also issues with sending out a large amount of email. You can save problems by going with a mailout service like CampaignMonitor.
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