Is it possible to create a button in FM that opens Windows Explorer, preferably in a folder linked to the name of the current record?

So for example record IRC-10-00001 should open Explorer in the folder X:\Navision Documents\Purchase\IRC-10-00001
This folder contains all kinds of documents that have to do with this contract.

Is that possible?

You can use the Open URL script step to open a folder. Note that the path must be a URL path using the file protocol. e.g.

file://c:/Documents/Important