Microsoft has just announced Outlook email service which will be replacing Hotmail soon. While you can keep using your current email id, you also have an option of creating a new email@example.com email alias that you can use alongside your current email address. This a tutorial on how to do that (if you have a generic name, you better hurry up before someone else gets it).
To upgrade to Outlook from Hotmail, login to Hotmail. Click Options and select Upgrade to Outlook.com .
You will be automatically upgraded to the new Outlook. You will find a welcome mail with a link to get a new alias as shown below.
Alternately, you can also create an alias from the settings page.
Once you are in the new Outlook, click on the gear icon on the top right corner of Outlook and select More Setting option. You will be taken to the Settings page.
Now click Create your Outlook alias from under Managing your account section.
After entering your desired alias, click Create alias button and you are done.
You can now send and receive emails using your new outlook mail id.