Yes, there is an outlining feature in Microsoft Word that can quickly create a basic outline for you. To access it, click the "View" tab on the Word ribbon and then select "Outline" in the "Master Views" group. This will open up the Outline View, which shows a basic outline of your document based on its headings.
If you want more control over your outline, you can use the Outline tool on the Formatting toolbar. This tool gives you the ability to create nested lists and to promote and demote items in your outline. To learn more about using the Outline tool, see Create an outline.