http://www.cisco.com/en/US/products/sw/voicesw/ps556/products_administration_guide_chapter09186a00801ed111.html#19815
This is the checklist for configuration.
Also, there is something important to note at the top of the Doc.
The Cisco Call Back feature allows you to receive call back notification on your Cisco IP Phone when a called party line becomes available. To receive call back notification, a user presses the CallBack softkey while receiving a busy or ringback tone. You can activate call back notification on a line on a Cisco IP Phone within the same Cisco CallManager cluster as your phone. You cannot activate call back notification if the called party has forwarded all calls to another extension.
This explains when you can actually press the key. Finally, make sure Cisco Extended Functions is running on the servers.