I can't remember so much about this, but there was a javascript exploit you could do on MSN when registering an email address that you could change the @live.com to anything (e.g. @coolguy.com, etc . . .)
You could get [email protected] (host allowing, of course) and forward all emails sent to that address t oyour email and then go into MSN and tell it that you want to use [email protected] as an alias.
I have not herd of this before, but if it does not work, I suggest using a domain with cpanel webmail it work fine and plus it stop more spam than with hotmail
If you want Microsoft to host your email, I would advise against it. You are better off with Google Apps. But if you are still interested - http://domains.live.com/