Yes, Aware IM does not require Outlook or any other e-mail client to handle incoming and outgoing e-mails. Aware IM will do it even on non-Microsoft platforms, such as Linux and Mac.
Regarding faxes. Not sure if it is possible to do it dynamically. You need to check with Windows documentation. If such a method exists tell us what it is and we'll tell you whether it is possible to use it in Aware IM.