In the case of Hotmail right click on the email you want to save in your
inbox and then select the 'save target as' option. You will be asked where
you want to save the email to. Select either a folder or even your desktop
then name the file and click ok. The email will be saved to the relevant
folder or desktop. Now if you click on the file icon that has been saved it
will open just as it looks in hotmail.
Another way is to select all of the email text, copy it and then paste it
into Microsoft Word, WordPad or Notepad.