New Microsoft Customers will be able to sign up for a new email address with @live.com or @windowslive.com extension. This email address will be associated with Windows Live ID, formerly know as Passport.
Currently Microsoft is working to create a migration tool which will import all your contact from Hotmail and MSN
Source: Windows Live Mail Team

wrote, on June 16th, 2006
thats pretty cool. thats one thing that i havent gotten around to tyring (beta software I mean), Microsoft Live. I might go mess around with it a bit if I get time. At the moment Google interests me more than boring old Microsoft. Besides, I highly doubt that anything Microsoft releases could be better thatn Google’s worst failures….
wrote, on April 3rd, 2007
Well, it’s 2007 and it hasn’t been released yet… When do they REALLY start to offer that address???!!! It’s almost a year late…
wrote, on April 25th, 2007
It isn’t gonna happen. Thats why MS has changed the name from WLM to WL “Hotmail”