CCM has written a full article on how to create Hotmail account. You should be able to find all of the information that you need to create your new account.
CCM EDIT: The old version of Hotmail no longer exists, it is Outlook. You will still be able to use your existing Hotmail emails with Outlook. However when creating a new account, you will have to create an Outlook account. Which can be done here.
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