For hotmail / live address you need go to mail > add account > Microsoft hotmail
Then fill in your email, password (for your email account) and description (the name you would like to appear for this account)
Click Next and wait for verification. Then choose what you would like your mail to sync with. Thats it!
If this does not work then check you have the correct password / email address as it will not tell you if they are wrong (just that it was unable to verify)
Alternatively, if this does not work then you could try this way
Mail > Add account > Microsoft Exchange
Then fill in your email, domain (LEAVE BLANK), username (your email again), password (for your email account) and description
Click Next and it will come up with another field called Server. Put m.hotmail.com
Click Next and wait for verification, then choose what you want to sync with and that's it.
Hope this helps.