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To answer your question, yes, Google DOES index dynamic out.php links (even simple stuff like out.php?id=1). I'm sure they also notice the URL in the query and the fact that the links points to that URL will help them trust the entire thing even more. If you are skimming traffic through out.php I wouldn't skim more than 50%, otherwise it seems like the SE's won't/don't know where the links is supposed to go and they won't give it any weight.
Edit: wait you're showing the query URL in a frame? That could make everything I said pointless. I'm not sure if SE's would index something like that, I'd guess no though. Or I guess you're just grabbing the source of the query URL and displaying that. I'm lost lol.
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