Can we create a filter "on-the-fly"?

Can we create a filter "on-the-fly"?

I'd like ot be able to create a filter when viewing emails.  In outlook, when I view an email I can Right-Click on it and create a filter, then apply the filter to all messages in the same folder..typically my Inbox.
 
This is very useful and is practically a neccessity when adding a new POP3 account.  I now have over 200 emails from my Yahoo! account in my Yahoo folder.  I'd like to go through them ans start creating filters without having to go back-and-forth between the folders and the settings.
 
Thanks,