While Hotmail doesn't offer POP3 access, Microsoft has released a free utility called Microsoft Office Outlook Connector that allows you download
email from your Windows Live Hotmail account to local Outlook or Outlook Express.
With Outlook Connector, you can not only send or receive email - you get all the goodies of Outlook including the Junk Mail filter and powerful Rules Wizard of Outlook to help you auto-sort the incoming email.
To configure your Outlook with Windows Live Hotmail, just download the 3 MB Outlook Connector, type in your Hotmail username+password and you're done.
The best part is that if you have multiple accounts, you can manage them from one central location - your Outlook. Supports both Outlook 2003 and Outlook 2007.
Get Outlook Connector here. [outlookconnector.exe] Requires Windows Validation check.