Not for free.
I decided hotmail sucked, so converted to gmail, and havn't looked back since.
It's nice to be able to use mail for once.
I have been considering this option, as it would allow me to use the mac mail, ichat, and access my emails from other windows based computers on campus. The only issue is the use of msn (I would still need a hotmail account for messenger). I wish there were a system that would allow us to use the programs on our computers without having to manage multiple email accounts.