Can you sync hotmail with outlook? If so then yes

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Well u can use it once to sync your contacts and be done with it.

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There isn't any one step solution as far as I know, but here is what I do. I use Soocial • Hassle-free contacts to sync my hotmail contacts with my gmail contacts. Then obviously my gmail contacts are synced with the phone. It actually works really really well and it also keeps my google apps contacts, gmail contacts, and hotmail contacts all up to date an in sync.

Hopefully that helps.