No, Hotmail is only web based.
However, if you have Microsoft Outlook or Express, you can
read your mail in Outlook in a seperate "web" folder. Go to
Tools > Accounts > Add Mail. Go through the options but when
it comes to POP3, IMAP or HTTP, select the latter (HTTP) and then
in the drop down box select HOTMAIL. Then enter your username and
password on the next screen,