IMAP setting for hotmail in Outlook v14 for mac os x
The following settings (as provided here: Windows Help) should work.
This works for me apart from one, ah, small glitch (compare here: Question 76499).

Incoming (IMAP) Server
Server address: imap-mail.outlook.com
Port: 993
Encrypted Connection: SSL

Outgoing (SMTP) Server
Server address: smtp-mail.outlook.com
Port: 25 (or 587 if 25 is blocked)
Authentication: Yes
Encrypted Connection: TLS